Bitcoin’s value skyrockets beyond $70k amid a staggering surge in daily trading volume
Bitcoin (BTC) skyrocketed to $70,000 on Monday, achieving this milestone for the first time in more than a month.
As of now, Bitcoin’s price has risen by 5.8% in the last 24 hours and over 10% in the past week. This surge is happening ahead of the vote on the 21st Century (FIT21) Act and a surge in spot buying and spot BTC exchange-traded fund (ETF) purchases.
This surge in activity has prompted the cryptocurrency community to question whether the bull market is just beginning or nearing its peak. BTC is facing significant resistance in the range of $69,000 to $72,000.
In a volatile trading session on Friday, Bitcoin briefly surpassed $70,000, captivating the investment community in the midst of the ongoing crypto frenzy. It reached a high of $70,275 before quickly dropping to $69,317.72. Since then, and as of now, BTC has maintained a level around $69,800. This surge in trading activity has led to speculation that the recent consolidation phase has come to an end.
With Bitcoin trading just a few hundred dollars away from $70,000, the 20-day EMA stands at $64,371, and a positive RSI indicates a higher likelihood of an upward breakout. Overcoming the resistance at $68,000 suggests that the BTC price is on its way to $73,777 and potentially new all-time highs, although this level could trigger a strong bearish reaction.
This surge comes as a surprise to some, as the number of whale transactions involving at least $100,000 worth of BTC has dropped by 51% in the past five days.
If this marks the end of the resistance level, Bitcoin’s price is poised to surge and flirt with all-time highs if it can successfully surpass the critical resistance level of $67,500.
