In a recurring theme throughout recent months, Bitcoin (BTC) experienced a sharp downturn after a significant surge. Early Monday, the cryptocurrency surpassed the $70,000 threshold for the first time since June, only to see a swift decline of over 3% shortly thereafter.

Currently, Bitcoin trades at $67,800, showing negligible change over the past 24 hours. In contrast, the broader CoinDesk 20 Index has risen by 1.1%, buoyed by notable gains in Bitcoin Cash (BCH), Litecoin (LTC), and Solana (SOL).

This price behavior has been emblematic of 2024’s trading landscape. In mid-January, Bitcoin hit a multi-year peak of $47,000 just after the launch of spot ETFs. That rally reversed rapidly, with Bitcoin plummeting below $40,000 days later before initiating a new upward trend.

A similar scenario unfolded in early March. Bitcoin reached an all-time high above $69,000, only to dip below $60,000 hours later. Later that month, it set a new record above $73,500, but this level has remained unchallenged for over four months.

While such volatility frustrates leveraged traders monitoring their profit and loss, technical analysts might discern a positive pattern. Each instance has showcased higher highs and higher lows, forming the “up and to the right” trajectory favored by bullish traders.

In July, Bitcoin briefly fell below $54,000 as a German government entity offloaded 50,000 tokens seized in a criminal case. Despite this, Bitcoin is poised to end the month with significant gains, having started around the $63,000 mark.