Bitcoin Value Skyrockets Beyond $70,000 Amidst Soaring Daily Trading Activity

Bitcoin (BTC) achieved a milestone by hitting the $70,000 mark on Monday, a price point not seen in more than four weeks.

At the moment of this report, the valuation of Bitcoin has climbed by 5.8% in the preceding day and has experienced an upswing of over 10% across the past seven days. This uptrend coincides with the anticipation surrounding the impending decision on the 21st Century (FIT21) Act, coupled with an upsurge in direct purchases and the heightened acquisition of spot BTC exchange-traded funds (ETFs).

The current bullish trend in the market is leading to deliberations within crypto circles on whether this signifies the beginning of an expansive bull market or if it’s nearing a climactic tipping point. BTC is currently grappling with significant resistance between the $69,000 and $72,000 thresholds. 

Friday witnessed a fleeting leap above $70,000 for Bitcoin, amidst a whirlwind of crypto market enthusiasm that has captured the attention of investors. The cryptocurrency ascended to a record of $70,275, only to recede to $69,317.72 shortly after. In the present moment, according to the latest updates, BTC is hovering around the $69,800 mark. This spike in trading momentum has triggered discussions about the potential conclusion of the recent period of market consolidation.

With Bitcoin’s trade value lingering just below the $70,000 level, the 20-day Exponential Moving Average (EMA) currently stands at $64,371, and a bullish Relative Strength Index (RSI) seems to suggest that a breakout to higher levels is on the horizon. Having broken past the $68,000 resistance, the trajectory for BTC’s price could very likely be set for $73,777 and potentially reaching new heights, though it could also encounter a robust bearish counteraction.

Contrary to expectations, this upward movement follows a considerable decline of 51% in large Bitcoin transactions, which are defined by trades valuing $100,000 or more in BTC, within the last five days. 

Should Bitcoin effectively overcome the current resistance threshold, particularly the significant $67,500 mark, the currency’s price may soar and tantalizingly approach record-high levels.