Bitcoin price hits $70K as spot and BTC ETF buying surges
Analysts believe Bitcoin price is en route to new highs now that the recent consolidation phase has come to an end.
Bitcoin (BTC) price rallied to the coveted $70,000 mark amid a noticeable surge in spot buying and spot BTC exchange-traded fund (ETF) purchasing, with the cryptocurrency community pondering whether the bull market is just beginning or nearing its peak.
Analyst “ELI5 of TLDR” suggested that the majority of on-chain indicators point to a nascent bull market, despite some showing topping patterns. The recent support bounce near $60,000 has sparked increased interest, with Farside Investors reporting approximately $950 million in inflows last week, a figure not seen since March.
Should this trend continue, BTC could potentially exceed expectations. Currently, BTC is trading within a few hundred dollars of $70,000, with the 20-day EMA at $64,371 and a positive RSI indicating that an upward breakout is more likely. Overcoming the $68,000 resistance suggests that BTC price is on the path to $73,777, though this level may trigger a strong bearish response.
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Author: Nancy Lubale
