Bitcoin

Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) surged to $70,000 on Monday, marking its first rise to this level in over a month.
At the time of writing, Bitcoin’s price has increased 5.8% in the last 24 hours and more than 10% in the last week. This increase is coming before a vote on the <a href="https://crypto.news/house-considers-legislation-crypto-regulatory-clarity/" rel="noopener noreferrer nofollow">21st Century (FIT21) Act</a> and a surge in spot buying and spot <a href="https://crypto.news/bitcoin-etf-april-outflows/" rel="noopener noreferrer nofollow">BTC exchange-traded fund (ETF) purchasing</a>.
This activity has prompted the cryptocurrency community to question whether the bull market is just starting or approaching a peak. BTC faces critical resistance in the $69,000-$72,000 range.&nbsp;
Bitcoin briefly surged above $70,000 on Friday in volatile trading as a crypto frenzy continues to captivate the investment community. It rose to as high as $70,275 before quickly dropping down to $69,317.72. Since then, and at the time of writing, BTC has stayed at around $69,800. This burst 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 an <a href="https://x.com/kurtsaltrichter/status/1792647441835065484" target="_blank" rel="noopener noreferrer nofollow">upward breakout</a> is more likely. Overcoming the resistance at $68,000 suggests that the BTC price is heading towards $73,777 and all-time highs, but this level may lead to a strong bearish reaction.
This surge comes as a surprise to some as the number of whale transactions consisting of at least $100,000 worth of BTC <a href="https://crypto.news/bitcoin-is-wandering-in-the-bear-zone-whales-take-a-step-back/" rel="noopener noreferrer nofollow">dropped by 51%</a> over the past five days.&nbsp;
If this marks the end of a 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.

Bitcoin price surges past $70k as daily trading volume soars

crypto.news

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