Bitcoin broke above $71,000, led by significant activity in the Ethereum spot exchange-traded fund (ETF). Indicators in the chain suggest the start of a bull market, although some signals indicate possible top patterns.

A recent surge in support around $60,000 has sparked renewed investor interest, with Farside Investors reporting an influx of $950 million last week.

The daily BTC/USDT chart shows Bitcoin trading at $71,000, with a 20-day EMA of $65,347.02 and a positive RSI. A break above the $68,000 resistance indicates a potential rise to $73,777, although this could trigger a bearish reaction.

Bitcoin's 51% year-to-date gain reflects investor expectations for US monetary expansion, with the M2 monetary base exceeding $21.0 trillion in April 2024.

BTC exchange reserves have fallen to a seven-year low, with only 1,918,417 BTC available on major trading platforms, according to CryptoQuant. The recent Bitcoin halving and the current Bitcoin shortage further strengthens the positive correlation, making it difficult to argue that those advocating the long forecast are wrong.