Bitcoin Exploding, Will BTC Bulls Break $70,000?

Bitcoin remains in a bullish path, building on gains from last week. To illustrate, the coin is trading at fresh highs, extending February gains. BTC is now changing hands above $65,000, looking at events in the daily chart.

According to coin trackers, BTC/USD is up by 5% in the last 24 hours, and roughly 30% in the previous week of trading. At the current valuation, Bitcoin commands a $1.27 trillion market cap, and continues to swell as prices edge higher, at the back of sharp trading volume.

With the Bitcoin rally in progress, surpassing expectations, the coin has extended is crypto market cap share, rising to 52.7% when writing. This is noteworthy because the total crypto market cap is also up by over 4% in the past trading day, pushing the industry’s valuation to over $2.43 trillion.

Looking at fundamental events, the rally will likely continue because of multiple reasons. As it is, traders and prospective investors should closely monitor these events:

The pace at which spot Bitcoin exchange-traded fund (ETF) issuers are buying coins: Presently, BlackRock has amassed the most coins with Fidelity closely following behind. Since the approval of the complex derivatives product in mid-January 2024, billions have been sunk. The number continues to rise, further propelling the coin to new multi-month highs.

Monetary policy expectations in the United States: The community, though bullish on the coin, are closely watching the Federal Reserve (Fed). Their pronouncement on interest rates will shape the market profoundly going forward. The Fed will decide on interest rates in March, an event that’s being closely monitored.

Bitcoin Price Analysis

Bitcoin is bullish at spot rates.

As mentioned earlier, the coin is up 5%.

The immediate resistance level is at $69,900, marking 2021 highs.

So far, bulls are firmly in control, banding along the upper BB, evident in the daily chart.

With the uptrend defined, and the momentum favoring buyers, every dip above $60,000 may offer entries for aggressive bulls targeting $70,000.

Any sharp pull back below $60,000 may invalidate the uptrend, setting the base for possible losses towards $53,000.

Conversely, a breakout above $70,000 at the back rising volumes will propel BTC to new territories.