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Bitcoin Hits $70,000 as Market Anticipates Regulatory Changes and Increased Buying
Bitcoin (BTC) reached the $70,000 mark on Monday, the first time it has hit this level in over a month, signaling a potential bullish trend in the cryptocurrency market. At the time of writing, Bitcoin has seen a 5.8% increase in the last 24 hours and a 10% rise over the past week. This upward movement coincides with heightened activity ahead of the anticipated vote on the 21st Century (FIT21) Act and a noticeable increase in both spot buying and investments in Bitcoin spot exchange-traded funds (ETFs).
The crypto community is now speculating whether this signifies the beginning of a bull market or if it is nearing its peak, especially as BTC encounters significant resistance between $69,000 and $72,000.
During a particularly volatile trading session on Friday, Bitcoin briefly surpassed the $70,000 threshold as part of the ongoing enthusiasm in crypto investments. It reached a peak of $70,275 before retracting to $69,317.72. Since that spike, Bitcoin’s price has stabilized around $69,800, sparking discussions that the recent consolidation phase might have concluded.
Currently trading just shy of $70,000, Bitcoin’s 20-day EMA stands at $64,371. A positive Relative Strength Index (RSI) supports the likelihood of an upward breakout. Having already overcome the $68,000 resistance, the next target for BTC appears to be $73,777, approaching all-time highs. However, reaching this level could potentially trigger a significant bearish response.
This recent surge is somewhat unexpected, given that the volume of large transactions, specifically those over $100,000, has decreased by 51% in the last five days.
Should Bitcoin maintain its momentum and break through the crucial $67,500 resistance level, it could set the stage for new all-time highs, further energizing the market and attracting more investment into the space.
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