Bitcoin Breaks Past $70,000 as New Economic Data Is Incoming

Bitcoin (BTC) is once again past $70,000 and climbing as it gains 5.47% for Tuesday morning.

The Bitcoin price is $70,818 (BTC/USD) at the time of this writing, up from a week of sub-$70,000 numbers. The bearish trend lasted for about a week and a half and looks to be over as a new week begins.

What might hold Bitcoin back from hitting a new all-time high this week? We expect numbers for economic data to be released this week, including Durable Goods Orders and CB Consumer Confidence. These could show poor inflation, and investors should keep in mind that it was inflation data that knocked Bitcoin off track and brought its long bullish streak to an end recently.

Bitcoin looks to be headed to its record high and perhaps past that very soon. From there, it could turn around again, as investors shy away from putting too much money into the coin when they expect it will not get much higher.

Is It Time to Invest in Bitcoin or Buy the Dip?

Bitcoin appears to be at the start of a bull run. We do anticipate it passing $73,000 in the next day or two. Even if inflation data looks poor this week, Bitcoin will probably still push to a new record high. How long that lasts is difficult to say. Buying pressure is on right now, but that could drop off very quickly once a new record is achieved.

Keep in mind that Bitcoin’s halving is coming up in a few weeks, and buying pressure will be high at that point as well. Even if you do invest now and Bitcoin dips again, it should surge around the halving event.

Looking at Bitcoin’s recent trends, it looks like a new support level has been established around $61,000. Bitcoin has hovered around there recently when it went through its most intense selling pressure. If it dips again, the coin is not likely to pass below that market. Keep that in mind when trying to buy the next dip.