Bitcoin Floating Higher As “Risk On” Environment Sets In, BTC Targets $70,000

Bitcoin shot higher yesterday, breaching $63,000 as buyers took charge of proceedings. With the United States Federal Reserve now keen on stabilizing the economy and pivoting away from falling inflation, analysts think the risk-on environment will serve to drive even more demand for crypto. So far, momentum is shifting, and capital flows to the world’s most valuable coin. For now, the immediate resistance is at $66,000, but if there are more gains, the coin could fly to $70,000 in a buy trend continuation formation.

From the daily chart, Bitcoin is firm and printing impressive higher highs. At spot rates, the coin is up nearly 10% in the past day week. Interestingly, the average trading volume continues to expand, reaching $41 billion over the last day. This development is, on average, impressive and sets the tone for possibly even more gains in the days ahead.

Traders are monitoring the following trending Bitcoin news:

• Through to 2026, the United States Federal Reserve will look to slash interest rates. Investors will consider pouring capital into Bitcoin and other safe havens as the regime turns to risk-on.
• If Bitcoin cracks $70,500, over $21 billion of leveraged shorts, analysts note, will be forcefully closed. Before then, the path of least resistance is northwards as the market continues to liquidate short traders, per Coinglass data.

Bitcoin Price Analysis

BTC/USD is rising at spot rates.

The uptrend is valid as long as the primary support holds above the $58,000 and $60,000 zone.

Accordingly, aggressive Bitcoin traders can consider longs, targeting $66,000 and later $70,000.

The upside momentum is already strong, and bull bars are banding along the upper BB.

This move points to fast-rising momentum and increasing volatility.