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

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.