As the cryptocurrency market has once again become the focus of investors, every price fluctuation of Bitcoin (BTC) has tugged at the heartstrings of investors around the world. Recently, the price of Bitcoin has rebounded strongly by about 4.2% in the past 24 hours and broke through the key resistance level of $67,000 in early Asian trading on Friday, which has undoubtedly injected new vitality into the market. More strikingly, a series of market indicators and events seem to indicate that Bitcoin may hit the $70,000 mark this weekend or in the future.
Bitcoin's dominance in the cryptocurrency market has been rising since mid-April, approaching a new high of 56.67% on Friday, reflecting that investors are more inclined to allocate funds to relatively more stable and mature Bitcoin in the face of market uncertainty. At the same time, the poor performance of the newly approved spot Ethereum ETF in the United States has further strengthened investors' confidence in the Bitcoin market. This rise in "risk aversion" has provided strong support for the rise in Bitcoin prices.
Against the backdrop of increasing global macroeconomic uncertainty, more and more investors and institutions are beginning to turn their attention to digital assets such as Bitcoin. According to on-chain data analysis, a "smart whale" withdrew 1,147 Bitcoins worth approximately $75 million from Binance in the past nine days, showing a significant signal of market capital flow. In addition, long-term Bitcoin holders are also actively accumulating their holdings, maintaining firm confidence regardless of market price fluctuations. The Jersey City Pension Fund’s plan to buy a Bitcoin ETF, as well as Marathon Digital’s purchase of $100 million worth of Bitcoin through its HODL strategy, are evidence that institutional money is continuing to pour into this market.
From a technical perspective, Bitcoin's price action is also showing positive signs. Bitcoin's one-hour relative strength index (RSI) has broken out of a downtrend, showing that buying power is increasing in the short term. On the daily chart, Bitcoin price continues to close above the 50 and 200 moving averages (MA), which is a strong bullish signal. If Bitcoin price can continue to stay above the support/resistance level of around $68,000 in the next few days, it is not impossible to hit the target of $70,000 before the end of the month.
Although the overall market sentiment is optimistic, we still need to remain cautious. The cryptocurrency market has always been volatile, and any unexpected events may trigger sharp price fluctuations. In addition, the break below the key support level of 0.51 on the ETH/BTC weekly chart also reminds us that the altcoin market may face certain pressure.
In summary, Bitcoin is currently in a critical upward channel. Whether from the perspective of market sentiment, capital flow or technical analysis, it has the potential to hit the $70,000 mark. In the volatile market of cryptocurrency, only a sound investment strategy can help us seize opportunities and avoid risks. Let us wait and see whether Bitcoin can achieve this historic breakthrough this weekend or in the future.
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