Bitcoin's $70,000 level sparks market divergence: whether the support level holds or not could determine the direction of price movement.

CoinFeed reported on May 31st, citing Cointelegraph, that there is a clear divergence of opinion within the industry regarding the current cryptocurrency market trend. Economist Timothy Peterson stated that Bitcoin may experience a slow rise over the summer, reaching a temporary peak by the end of July and then exhibiting relatively flat performance. However, Michael van de Popper, founder of MN Trading Capital, believes that while Bitcoin touched a low of $60,000 in February, the market structure is different now compared to that period. Whether key support levels can hold will determine whether a deeper correction is avoided. Currently, we are at a critical juncture. If the $71,000 support level holds, Bitcoin may break through to $76,000, potentially triggering a broader cryptocurrency market rally and a strong altcoin surge. However, if the $70,000 support level fails to hold, it may quickly drop to $65,000.