BTC Returns to $70,000: Why is Bitcoin Up Today?

Joshua Ramos
Source: Watcher.Guru

Bitcoin has once again returned to the $70,000 level, with BTC starting June at its highest level since May 20th. Indeed, the leading cryptocurrency has started the week up nearly 3%, according to CoinMarketCap. Additionally, it has continued its gains, with the asset up more than 13% over the last month.

Now, many traders are attempting to pinpoint the reason for the asset’s sudden surge to the $70,000 level. Additionally, the market is carefully observing if the asset could be on its way to the coveted $74,000 mark, which would represent a new landmark price point for the digital asset.

Also Read: Peter Brandt Predicts Bitcoin (BTC) to Hit $150,000: Here’s When

BTC Starts June With a Breakthrough, But Why?

As we head toward the midway point of 2024, Bitcoin has seemingly been the central character. The finance sector has been engrossed in discussions regarding the asset amid its Spot Bitcoin ETF approval that took place in January. Since then, the asset has experienced some positive momentum, along with some periods of stagnation.

That has led many consumers to ponder its recent development. Indeed, Bitcoin has returned to the $70,000 level, with the market seeking out why the BTC would be up so much today. Furthermore, the last time BTC reached this level was on May 20th.

A primary reason appears to be increased activity. Over the last 24 hours, Bitcoin’s trading volume has skyrocketed by a remarkable 104%. Additionally, analysts appear to be signaling a price breakout, further fueling the positive sentiment surrounding the cryptocurrency.

BTC Price Prediction Post Bitcoin Halving

Also Read: Senator Says Bitcoin Will be Vital to US Economy Post-Election

Crypto analyst Ali Martinez has noted that the current market cycle shows BTC breaking out of a symmetrical triangle. Subsequently, the asset could be eyeing a new milestone price of $74,400 if it closes behind a specified resistance.

Not only do natural market dynamics fuel the asset’s recent surge, but so too does the growing confidence surrounding it. The United States has seemingly embraced digital assets in a massive political shift. Both Donald Trump and Joe Biden, the expected candidates for the upcoming 2024 presidential election, have expressed a willingness to embrace the sector.

Subsequently, notable investments in the Bitcoin ecosystem have taken place from companies like Paradigm and Tether. These ongoing situations, along with projections from people like Peter Brandt forecasting a $150,000 price for BTC, have created significant momentum at the start of the week.