Bitcoin (BTC) surged to $70,000 on Monday, marking its first rise to this level in over a month. At the time of writing, Bitcoin’s price has increased by 5.8% in the last 24 hours and more than 10% over the past week. This uptick precedes a vote on the 21st Century (FIT21) Act and is driven by a surge in spot buying and exchange-traded fund (ETF) purchasing.
The cryptocurrency community is abuzz with speculation on whether this signals the beginning of a new bull market or if it indicates an approaching peak. Bitcoin faces significant resistance within the $69,000-$72,000 range.
On Friday, Bitcoin briefly surged above $70,000 during volatile trading, reaching a high of $70,275 before dropping to $69,317.72. Since then, it has stabilized around $69,800, prompting speculation that the recent consolidation phase has ended.
With Bitcoin trading close to $70,000, the 20-day Exponential Moving Average (EMA) stands at $64,371, and a positive Relative Strength Index (RSI) suggests a likely upward breakout. Overcoming resistance at $68,000 could push BTC towards $73,777 and potentially new all-time highs, though this level may trigger a strong bearish reaction.
The surge is surprising to some, given that the number of whale transactions (each consisting of at least $100,000 worth of BTC) dropped by 51% over the past five days. If Bitcoin successfully surpasses the critical resistance level of $67,500, its price is poised to continue rising and possibly reach new all-time highs.
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