Markets
Bitcoin Price Surpasses $70,000 as Daily Trading Volume Soars
Bitcoin (BTC) jumped to $70,000 on Monday, marking its first rise to that level in over a month.
At the time of writing, the price of Bitcoin is up 5.8% in the past 24 hours and over 10% in the past week. This increase comes before a vote on the 21st Century Act (FIT21) and an increase in spot purchases and spot sales Buying BTC Exchange Traded Funds (ETFs).
This activity has made the cryptocurrency community wonder if the bull market is just beginning or if it is nearing a peak. BTC faces critical resistance between $69,000 and $72,000.
Bitcoin briefly topped $70,000 on Friday in volatile trading as the cryptocurrency frenzy continues to captivate the investment community. It reached $70,275 before quickly falling back to $69,317.72. Since then, and at the time of writing, BTC has remained around $69,800. This explosion in commercial activity suggests that the recent consolidation phase is over.
With Bitcoin trading a few hundred dollars away from $70,000, the 20-day EMA is $64,371 and a positive RSI indicates that a ascending breakout is more likely. Overcoming resistance at $68,000 suggests that BTC price is heading towards $73,777 and all-time highs, but this level could lead to a strong bearish reaction.
This increase comes as a surprise to some as the number of whale transactions representing at least $100,000 worth of BTC fell 51% over the last five days.
While this marks the end of a resistance level, Bitcoin price is poised to surge and flirt with all-time highs if it manages to surpass the critical resistance level of $67,500.