Bitcoin (BTC) surged to $70,000 on Monday, marking the first time it has risen to that level in over a month.
As of this writing, the price of Bitcoin has risen 5.8% in the last 24 hours and more than 10% in the past week. This increase comes ahead of the vote on the 21st Century (FIT21) bill and a surge in spot purchases and physical BTC exchange-traded fund (ETF) purchases.
This activity has raised questions in the cryptocurrency community as to whether the bull market is just beginning or is reaching its peak. BTC faces significant resistance in the $69,000-$72,000 range.
Bitcoin briefly surged above $70,000 on Friday amid volatile trading as cryptocurrency fever continues to grip the investment community. It rose to a high of $70,275 and then quickly fell to $69,317.72. Since then, BTC has remained at around $69,800 as of this writing. This surge in trading activity is leading to speculation that the recent consolidation phase is over.
With Bitcoin trading within hundreds of dollars of $70,000, the 20-day EMA is $64,371 and a positive RSI indicates a higher breakout is likely. Breaking the $68,000 resistance means the BTC price is heading towards $73,777 and all-time highs, although this level could lead to a strong bearish reaction.
This surge came as a surprise to some, as the number of whale transactions consisting of at least $100,000 worth of BTC fell by 51% over the past five days.
If this marks the end of the resistance level, Bitcoin’s price is poised to surge to an all-time high if it can successfully surpass the critical resistance level of $67,500.