Bitcoin's price action over the past couple of months has formed an interesting technical pattern that traders will want to keep a close eye on. After hitting a new all-time high just below $74,000 on March 14th, BTC pulled back to an intraday low of $56,500 on May 1st.

Bitcoin had a modest surge today, regaining the $70,000 mark by rising over 2% or $1,600 as of 7 PM ET. The world's largest cryptocurrency has successfully held its 20-day exponential moving average on a closing basis, despite bears' efforts to drag the price below this important technical indicator.

Bitcoin had its second monthly close above $65,000 ending May 11.28% higher. The month-to-month gain comes after the world’s largest cryptocurrency posted a nearly 15% decline for April 2024. The sizable green monthly candle paints a picture that is not as bullish as one might assume once you take into account the upper and lower shadows or wicks.

Bitcoin's resilience was on display as its price witnessed only a tepid decline of around 1.3% or approximately $900 as of 6:15 PM EST. Surprisingly, Bitcoin remained relatively steady despite experiencing the largest single-day decline in spot exchange balance in recent history. On May 27th, spot exchanges experienced a staggering net outflow totaling 143,000 BTC.

For the first time since the halving, Bitcoin has moved above its price during the event. Yesterday, in trading, Bitcoin had its biggest upside move since the 4th block reward having occurred on April 19th, period. That move took BTC over 7.5% higher or around $4,700 on the day.