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Wednesday, June 5, 2024
HomeCryptoBitcoin returns to $70,000: Why is the price increasing?

Bitcoin returns to $70,000: Why is the price increasing?

Bitcoin is once again back at $70,000, with BTC starting June at its highest level since May 20. The leading cryptocurrency started the week up nearly 3%, according to CoinMarketCap. Additionally, it continues to grow, with assets up more than 13% month-over-month.

Now, many traders are trying to determine the reason why the asset suddenly skyrocketed to $70,000. Additionally, the market is carefully observing whether the asset can reach the coveted $74,000 mark, which could represent a new landmark price for the digital asset. .

BTC Starts June With a Breakout, But Why?

As we approach the halfway point of 2024, Bitcoin appears to have become a central figure. The financial sector has been enthusiastically discussing this asset amid approvals Bitcoin ETF spot took place in January. Since then, the asset has experienced some positive momentum, along with some periods of stagnation.

That has caused many consumers to ponder its recent development. Bitcoin is back at $70,000, and the market is looking to see why BTC is so bullish today. Furthermore, the last time BTC reached this level was on May 20.

A major reason appears to be increased activity. In the past 24 hours, Bitcoin’s trading volume has skyrocketed 104%. Additionally, analysts appear to be signaling a price breakout, further fueling the positive sentiment surrounding the cryptocurrency.

Cryptocurrency analyst Ali Martinez noted that the current market cycle sees BTC breaking out of the symmetrical triangle. The asset could then head towards a new key price level of $74,400 if it closes behind a defined resistance level.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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