Bitcoin Analysis, what to expect now?

After the recent upward push in the price of Bitcoin, many have started to wonder whether the father of cryptocurrencies will return to reaching the highs of previous years, confirming the recurrence of the halving cycle.
The enthusiasm of the operators is sky high, with the «Fear & Greed Index» indicator above the level of 70, giving the green light to the «to the moon» of the case.
Faced with the recent euphoria, manifested through the surge in many other cryptocurrencies, does it make sense to expect the price of Bitcoin to reach absolute highs in the short term? Bitcoin: What's Driving the Price Up? The price growth slightly anticipated the recovery of the US stock sector.
The markets, following recent communications from central bankers, combined with fears related to the conflict in the Middle East, activated the "risk on" mode and the price of Bitcoin responded promptly, followed by the rest of the decentralized sector.
This push occurred in conjunction with the growth in the price of gold and the interruption of the dollar's bullish trend, which can be monitored by the DXY index (Dollar Index).
In the same period, the market was influenced by the pressure linked to the approach of the long-awaited Halving moment.
During this period, the volatility of the decentralized market tends to increase in preparation for the typical bull-market that has always occurred.
While this event is not mathematically associated with price growth, it has historically increased demand and discouraged supply.
Not surprisingly, the recent rise in price was accompanied by an unusual behavior of on-chain orders and a more positive attitude on the part of miners, who stopped their sales activities that were characterizing the BTC market metrics.
This fueled demand, supporting the price of BTC near the highs, despite reaching particularly evident oversold levels from a technical point of view.
BTC/USD: can the price reach new highs? The price of Bitcoin, the father of cryptocurrencies, recently surpassed the $35,000 mark, a psychological benchmark of considerable importance.
The road to $70,000 is still long, and there will certainly be moments of technical difficulty.
However, a positive outlook emerges when analyzing on-chain activity, with many investors maintaining an optimistic attitude.
From a technical point of view, the next volumetric resistance is located near $28,600, which represents the «Point of Control» (POC).
From a psychological point of view, a level to watch carefully is undoubtedly the $40,000 level.
In case of a downturn, the $30,000 mark still remains very close and could act as a magnetic pull point for the price.
This is a level where demand interest should demonstrate its strength.