Bitcoin (BTC) soared to $70,000 on Monday, marking the first time it has climbed to this level in more than a month.
At the time of writing, the price of Bitcoin has increased by 5.8% in the past 24 hours and by more than 10% in the last week. This increase comes ahead of the 21st Century (FIT21) Act vote and a surge in spot purchases and spot BTC exchange-traded fund (ETF) purchases.
This activity has led the crypto community to question whether the bull market has just begun or is nearing its peak. BTC is facing significant resistance in the $69,000 to $72,000 range.
Bitcoin briefly topped $70,000 in volatile trading on Friday as the cryptocurrency frenzy continues to captivate the investment community. It rose to $70,275, but quickly fell to $69,317.72. Since then, and as of this writing, BTC has hovered around $69,800. This surge in trading activity has fueled speculation that the recent correction phase may be over.
Bitcoin is trading within a few hundred dollars of $70,000 and has a 20-day EMA of $64,371, indicating that an upward breakout is likely if the RSI is positive. Overcoming resistance at $68,000 suggests that BTC price is heading towards an all-time high of $73,777, but this level could lead to a strong bearish reaction.
This spike comes as a surprise to some, as the number of whale trades consisting of at least $100,000 worth of BTC has fallen by 51% over the past five days.
This signals the end of the resistance level, and if it manages to break above the key resistance level of $67,500, Bitcoin price is poised to soar and reach new all-time highs.
