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

source-logo  crypto.news 20 May 2024 17:35, UTC

Bitcoin (BTC) 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 21st Century (FIT21) Act and a surge in spot buying and spot BTC exchange-traded fund (ETF) purchasing.

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.

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 upward breakout 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 dropped by 51% over the past five days.

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.