Bitcoin Breaks Records Surpassing $70,000 Milestone

By: Eva Baxter

Turn of events see Bitcoin soaring to new heights crossing the impressive $70,000 mark, breaking all previous records from 2021. This comes following a consolidation phase and despite strong resistance near this level, its market capitalization has uniquely touched $1.3 trillion indicating robust and continued upward momentum.

A seemingly challenging yet significant hurdle is to consolidate above $69,000 to allow for more price growth. Lately, Bitcoin saw a 2 percent uptrend in the past 24 hours, successfully achieving the $70,000 milestone. Although the $69,000 marker is a tough resistance level bringing in increased volatility. Bitcoin now must overcome the double-top formation in its price zone which has been a trend over the past three years.

This accomplishment becomes a prerequisite for Bitcoin to pave a solid foundation for potential future price gains and sustainably stay above the $70,000 mark. Meanwhile, Bitcoin spot exchange-traded funds (ETFs) have surged in the past two months boosting investor confidence and setting the stage for future appreciation.

With investors optimistic on Bitcoin's long-term prospects, it seems only a matter of time before the crypto overcomes its current resistance level and resumes the upward trajectory. Yet after briefly touching $70,000, Bitcoin saw a swift retracement to the $68,000 range. Reads remain watchful of Bitcoin's performance, speculating about a potential breakthrough that could instigate additional price gains.