After a relatively calm start to the week, Bitcoin (BTC) has demonstrated its resilience in recent days following a surge in market prices. Currently, Bitcoin is once again trading above the $70 level.
Rumors of the imminent approval of a spot Ethereum ETF by the Securities and Exchange Commission (SEC) last week caused the price of BTC to skyrocket to nearly $72,000, the highest it has been in almost two months. However, the price of the leading cryptocurrency experienced a setback and dropped below $68,000 due to the SEC’s decision on the approval of spot Ethereum exchange-traded funds (ETFs) on May 23.
The intervention of buyers played a crucial role in stabilizing the price of Bitcoin, allowing it to recover to $69,500 on Saturday, although it lacked the necessary strength to surpass the $70,000 mark. With the recent market recovery, Bitcoin has returned to trading above the $70 zone today. Currently, Bitcoin is trading close to $70,100, up 2%, with a total market capitalization of $1.38 trillion.
By reaching the $70 level again, Bitcoin is once again approaching its all-time high. The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14. Currently, the price is only 4.89% below its all-time peak.
Santiment, a cryptocurrency analysis platform, has noted that the recent rise in BTC reflects a positive sentiment in the current market. They observed, “Bitcoin has surpassed the $70K market cap once again as #MemorialDay has put US stock markets on hold. This increase is particularly encouraging as it demonstrates how crypto markets can operate independently on the rare days of the week when they are not closely correlated with the primary stock market, as they have been since 2022.”
In a recent development, market forecasts suggest that if Bitcoin can maintain its upward momentum, it has the potential to reach a new all-time high of over $100,000. TradingShot, a cryptocurrency trading expert, highlighted in a recent post on TradingView that Bitcoin is expected to enter a new phase of price increases after a period of consolidation following the halving event on April 19. Historical patterns from previous Bitcoin cycles suggest that this could lead to an unprecedented rally, pushing the price to $150,000.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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