Bitcoin (BTC) rose to $70,000 on Monday, its first rise to that level in more than a month.
At the time of writing, Bitcoin's price is up 5.8% in the past 24 hours and more than 10% in the past week. This increase comes ahead of the FIT21 Act vote and an increase in spot and exchange-traded fund (ETF) buying of Bitcoin.
This activity has led the cryptocurrency community to question whether the bull market has just begun or is approaching its peak. BTC is facing critical resistance in the $69,000-$72,000 range.
Bitcoin briefly rose above $70,000 on Friday in choppy trading as the cryptocurrency craze continues to woo the investment community. It rose to $70,275 before quickly falling to $69,317.72. Since then, and at the time of writing, Bitcoin has remained at around $69,800. This explosion in trading activity has given rise to speculation that the recent consolidation phase is over.
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… Upward penetration highest probability. Overcoming the resistance at $68,000 suggests that Bitcoin price is heading towards $73,777, an all-time high, but this level could trigger a strong bearish reaction.
This rise comes as a surprise to some as the number of whale transactions consisting of at least $100,000 worth of Bitcoin has fallen by 51% over the past five days.
If this marks the end of the resistance level, Bitcoin price is on the verge of rising and flirting with all-time highs if it can successfully clear the critical $67,500 resistance level.