Bitcoin “Kissed” $70,000: Will The Engagement Drive BTC To All-Time High?

Bitcoin is still gyrating, moving higher but below the $70,000. At spot rates, bulls expect to push prices higher in the coming sessions. However, how fast prices will move depends on the breakout, especially above the $71,700 to $72,000 zone. This is a resistance level, anchoring sellers in late March 2024.

At press time, sellers are in control in the short term, but buyers have a chance from a top-down preview. Bitcoin is stable in the past day and week of trading. At the same time, the average trading volume is up 4% on the last trading day, pointing to increasing participation.

Traders are watching the following Bitcoin news events:

• The focus is on the upcoming halving event. Most analysts think the event will be different than past cycles. With the spot Bitcoin ETF in the picture, observers say institutions issuing shares backed by BTC will change the supply-demand dynamics of the coins. Still, whether this will influence prices, immediately after halving, remains to be seen.
• Fed president Neel Kashkari believes Bitcoin is a fad. Following an interview, Kashkari thinks the coin is buoyed more by sentiment and can fall to zero.

Bitcoin Price Analysis

BTC/USD is recovering, at least looking at events in the daily chart.

Even though prices “kissed” $70,000 over the weekend before pulling back, the uptrend momentum remains.

Aggressive traders may search for entries above $64,500. The chart shows losses below this line may trigger a sell-off, pushing the coin back toward the $60,000 area—a psychological level.

Confident but risk-averse traders can wait for a comprehensive close above $72,000 and the immediate resistance level. If the breakout is with high trading volume, BTC may resume the uptrend, floating to $73,800 or better in the sessions ahead.