As a researcher with experience in the cryptocurrency market, I find the recent surge of Bitcoin (BTC) to above $70,000 intriguing. This is the first time we’ve seen this level since late October and comes before a crucial vote on the 21st Century Digital Asset (FIT21) Act and an increase in spot buying and ETF purchasing.
Bitcoin (BTC) surged to $70,000 on Monday, marking its first rise to this level in over a month.
Currently, Bitcoin’s value has risen by 5.8% within the past 24 hours and surged over 10% during the last week. This growth occurs prior to the upcoming vote on the 21st Century Act (FIT21) and a significant uptick in direct Bitcoin buying and acquisition of Bitcoin ETFs through spot markets.
The ongoing activity in the cryptocurrency market has sparked debates among industry insiders about whether we’re at the beginning of a new bull run or nearing its peak. Bitcoin currently encounters significant resistance around $69,000 to $72,000.
Bitcoin experienced a notable surge past $70,000 on Friday during unpredictable market conditions, fueled by ongoing crypto excitement among investors. The digital currency peaked at $70,275 before experiencing a sharp decline to $69,317.72. Currently, BTC hovers around $69,800. This heightened trading activity raises speculation that the previous period of price stabilization may have concluded.
As a crypto investor, I’m keeping a close eye on Bitcoin’s current price action. Right now, Bitcoin is hovering around the $70,000 mark, just a few hundred dollars away. The 20-day Exponential Moving Average (EMA) is sitting at $64,371, indicating some potential support for the price. Additionally, a positive Relative Strength Index (RSI) reading suggests that an upward breakout could be on the horizon.
I was taken aback when I observed a significant decline of approximately 51% in the number of whale-sized Bitcoin transactions valued at over $100,000 during the last five days.
As an analyst, I believe if we reach the endpoint of Bitcoin’s resistance level at $67,500, the price could experience a significant surge and potentially challenge its all-time highs.
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2024-05-20 23:44