Bitcoin is back at $70,000, its highest since the 20th of May. The leading cryptocurrency is up almost 3% this week, as reported by CoinMarketCap. Moreover, the assets have continued their gains with a gain of more than 13% in the last one month.
Many traders now are trying to determine the cause of the sudden increase in the value of the asset to $70,000. The market also closely monitors if it is on the way to $74,000, which will represent a landmark price for digital assets.
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BTC Breakthrough in June, but Why?
Bitcoin seems to be the dominant character in the world as we near the halfway point of 2024. As Bitcoin has grown in popularity, the finance industry has been involved with its discussion. Spot Bitcoin ETF Approval that occurred in January. Since then the asset has had some positive movement, but also some periods of stagnation.
This has caused many consumers to wonder about its latest development. Bitcoin’s price has returned to $70,000 and investors are trying to find out why it is so high. BTC last reached this level on May 20th.
An increased level of activity appears to have been the primary factor. Bitcoin trading volume has increased by 104% over the last day. In addition, analysts seem to signal a price break-out, fuelling the positive sentiment about the cryptocurrency.
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Crypto analyst Ali Martinez The current cycle of the market shows BTC bursting out from a triangle. If the asset closes after a certain resistance, it could then aim for a new price milestone of $74,400.
The recent rise of digital assets is not only due to natural market forces, but also the increasing confidence that surrounds it. In a major political shift, the United States seems to have embraced digital assets. The United States has seemingly embraced digital assets in a massive political shift. Donald Trump Joe Biden has expressed his willingness to be a part of the technology sector. He is expected to run for president in the year 2024.
Consequently, companies such as Paradigm or Tether have invested in the Bitcoin eco-system. The current situation, as well as projections by people such Peter Brandt forecasting a $150,000 The price of BTC has gained significant momentum since the beginning of this week.
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Source: watcher.guru