Bitcoin has surged over the last few weeks, putting it on track to surpass $70k soon. The cryptocurrency market capitalization is at a record high of just over $800 billion.
Bitcoin is currently trading at $6,500. If it can surpass the $70k level soon, then there will be no stopping it. Read more in detail here: btc price.
Bitcoin has surpassed $68k, a new all-time high, and might continue to rise in the next hours if the market continues its present pace.
Over the last several hours, the cryptocurrency market has performed quite well, with Bitcoin and Ether all hitting new all-time highs. According to Coingecko statistics, Bitcoin has set a new all-time high of $68,641 per coin.
After gaining by more than 3% in the last 24 hours, the top cryptocurrency exceeded the previous all-time high of $67,257. BTC is now trading at $68,150, down 0.7 percent from its all-time high price reached only a few hours ago.
Levels to keep an eye on
Because of the cryptocurrency’s performance over the last several hours, the BTC/USD 4-hour chart is now quite positive. Bitcoin’s MACD line is above positive zone, and its relative strength index of 73 indicates that the currency is now overbought, implying that further increases are on the way.
Bitcoin is approximately 10% higher than its 100-day simple moving average of $62,681 at the time of writing. As a result, right above the $60k mark, the cryptocurrency has formed firm support. It may be able to rise higher in the coming hours as a result of this.
What can you expect?
BTC may rise in the next hours, as the bulls seem to have taken control of the market since the start of the fourth quarter. BTC might make a drive for the first resistance level at $69,100 in the coming hours after breaching the $68k barrier.
In the case of a sustained climb, BTC might break beyond the $70,000 barrier for the first time ever later today. If BTC is to hit $72k in a few hours, it will require the backing of the whole cryptocurrency market.
However, after soaring for a few days, Bitcoin’s price may potentially retreat. The bulls would be compelled to defend the $67,500 support level in this scenario. BTC should easily defend the $66,900 support level in the immediate term, unless there is a sustained sell-off in the market.
Bitcoin has been on a tear lately, with the price recently breaking through $7,000. The cryptocurrency could surpass the $70k level soon. Reference: why did bitcoin spike.
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