Bitcoin Eyes $70,000: What’s Needed for the Next Breakthrough

In the past 24 hours, Bitcoin (BTCUSD) has remained relatively stable at $68,967, experiencing a slight dip of 0.13%. After reaching an all-time high of nearly $74,000 in mid-March, driven by the surge of interest in new spot exchange-traded funds, its value has since declined.

“We are still within the $60,000–$72,000 price consolidation channel, waiting for new catalysts to influence prices,” explained Javier Molina, a markets analyst at eToro, in a research note.

High bond rates have challenged cryptocurrencies, much like other risk assets, as market expectations for Federal Reserve interest rate cuts have waned. However, Bitcoin briefly surged past $70,000 on Monday following new data showing a sluggish US economy and resulting in lower Treasury bond yields.

Attention now turns to the Bureau of Labor Statistics’ April employment report, set to be released on Friday. Economists predict an increase of 180,000 nonfarm payrolls—5,000 more than in March. A lower-than-expected figure could decrease bond yields and potentially boost the cryptocurrency market.

Ether (ETHUSD), the second-largest cryptocurrency, dipped by 1.7% to $3,765 but has seen a 22% increase over the past month. The Securities and Exchange Commission has approved major regulatory changes that would allow spot Ether exchange-traded funds to trade. However, it could still take weeks or months before these funds receive final approval to launch.

Meanwhile, altcoins showed mixed performance. Solana (SOLUSD) experienced fluctuations, while Cardano (ADAUSD) rose by 0.2% after a previous 0.2% drop. Despite a 1.24% decline, Dogecoin (DOGEUSD) managed to gain 0.8%. Another altcoin, which fell by 0.58%, saw a 2% drop. The second-largest cryptocurrency (-0.00%) fell 1.7% to $3,765 but has gained 22% in the last month.