Bitcoin Could Pass $70K Soon

On Thursday, Bitcoin (BTC) slowed down after a bullish run, but it has picked up speed again for Friday and is now up by 0.85% from the previous day. We may see a strong push from it before it slows again.

For Friday morning, Bitcoin has achieved a price point of $67,673 (BTC/USD), and it is now tantalizingly close to $70K. It could hit that important mark by Monday, but fears over the next interest rate cut could hold back Bitcoin as well.

If Bitcoin continues to push forward, it could break through to its highest point in seven months and overcome a downtrend that has continued for much of the year. BTC reached a record high in March, and it could be up for a repeat very soon.

Bitcoin has not been able to surpass that high ever since, staying rangebound for months, despite several attempts to push back up. Even with the Bitcoin halving and strong economic support, Bitcoin has struggled to even break $70K for much of the year, but that could be about to change. We saw the coin pass $68K very recently, and it looks like it is building up steam for another surge.

Factors to Watch

There are a few bits of economic data to be released later today. Building Permits and Housing Starts reports are coming later in the day. Both of these are expected to show a decline from the previous reports, though, which could slightly influence Bitcoin downward.

FOMC Member Waller is speaking later today and will likely talk on the topic of interest rate cuts and perhaps even inflation. Investors should watch for that speech to have an impact on Bitcoin’s movement as well.

A tentatively scheduled Federal Budget Balance meeting is scheduled as well, and we anticipate further comments from presidential nominees Trump and Harris on cryptocurrency in the near future. It looks like both candidates are strongly behind a sensibly regulated cryptocurrency market that allows free trade and innovation. If so, then we could have several years of healthy market activity.