Bitcoin
Bitcoin price surpasses $70K as daily trading volume increases
Bitcoin (Bitcoin) rose to $70,000 on Monday, marking its first rise to that level in more than a month.
At the time of writing, the price of Bitcoin has increased by 5.8% in the last 24 hours and more than 10% in the last week. This increase occurs before the vote on the 21st Century Law (FIT21) and an increase in cash purchases and Buying BTC Exchange Traded Funds (ETF).
This activity has led the cryptocurrency community to question whether the bull market is just beginning or approaching its peak. BTC faces critical resistance in the $69,000-$72,000 range.
Bitcoin briefly rose above $70,000 on Friday in volatile trading as a crypto frenzy continues to captivate the investing community. It rose to $70,275 before quickly falling to $69,317.72. Since then, and at the time of writing, BTC has remained around $69,800. This explosion in trading activity is causing speculation that the recent consolidation phase has ended.
With Bitcoin trading within a few hundred dollars of $70,000, the 20-day EMA is at $64,371, and a positive RSI indicates that a upward breakout It’s more like. Overcoming resistance at $68,000 suggests 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 consisting of at least $100,000 worth of BTC fell 51% in the last five days.
If this marks the end of a resistance level, Bitcoin price will be ready to rally and flirt with all-time highs if it can successfully overcome the critical $67,500 resistance level.