👀 $BTC on Verge of Hitting $71,000 - U.Today Analytics

Bitcoin has finally broken through $70,000, setting itself up for further growth. As we can see, there is a good chance it will succeed at it, as the price is moving closer to $71,000 and trading volumes remain elevated. This bullish momentum is easily visible on the daily chart of Bitcoin versus the U.S. dollar (BTC/USD).

Bitcoin is currently trading at:

- $70.976 on OKX

- $70.996 on WhiteBIT

- $70.986 on Coinbase

A major turning point was reached recently when the market broke above $70,000, indicating fresh interest and optimism. This optimistic view is supported by several important technical indicators. 

The 50-day and 200-day moving averages in particular are positioned in a way that indicates sustained upward momentum. A traditional bullish signal known as a golden cross formed when the 50-day moving average crossed above the 200-day moving average.

Volume analysis supports this optimistic scenario even more. The recent price surge is accompanied by elevated trading volumes, indicating strong market participation and interest at these price points. Maintaining the present upward trend and possibly pushing Bitcoin above $71,000 require this volume support. Furthermore, Bitcoin remains a favorable investment option given the current macroeconomic climate. Bitcoin's allure as a store of value and safeguard against the devaluation of fiat currencies is still great in light of persistent worries about economic stability.