BREAKING: Bitcoin Hits New All-Time High, Surging Past $70,000 For The First Time In History
March 08 2024 - 9:56AM
NEWSBTC
Bitcoin (BTC), the dominant cryptocurrency, has made history by
briefly breaking its consolidation phase and reaching an all-time
high of $70,000. Despite encountering resistance near this level,
Bitcoin’s market capitalization has reached $1.3 trillion,
showcasing its continued upward momentum. However, as the
cryptocurrency faces a double top in the same price zone after
almost three years, it must overcome a significant hurdle to
consolidate above $69,000 and pave the way for further price gains.
Related Reading: Here’s How Much Elon Musk’s Tesla And SpaceX Have
Made From Their Bitcoin Holdings Bitcoin Sets New Record In
the past 24 hours, Bitcoin experienced a 2% uptrend, propelling it
to breach the $70,000 milestone for the first time. The
cryptocurrency had previously reached $69,300 on Tuesday,
indicating the growing strength of its upward trajectory. However,
the $69,000 mark has proven to be a formidable resistance level,
leading to increased volatility once breached. The double-top
formation in this price zone over a three-year period adds further
complexity to Bitcoin’s consolidation efforts. Breaking through
this resistance is crucial for Bitcoin to establish a solid
foundation for future price gains and sustainably consolidate above
$70,000. The success of Bitcoin spot exchange-traded funds (ETFs)
within a short span of two months has bolstered investor confidence
and generated anticipation for future price appreciation.
With investors betting on Bitcoin’s long-term prospects, it appears
to be only a matter of time before the cryptocurrency overcomes its
current resistance level and continues its upward trajectory. This
positive sentiment provides a favorable backdrop for Bitcoin’s
potential breakthrough. Related Reading: AI Crypto Tokens Like
Render, WorldCoin Are ‘Overvalued’: Coinbase Research Following its
brief touch of $70,000, Bitcoin experienced a rapid retracement to
the $68,000 level. The timing and extent of its consolidation above
the resistance mark remain uncertain. However, market observers are
closely monitoring Bitcoin’s performance, anticipating a potential
breakthrough that could fuel additional price gains. Featured image
from Shutterstock, chart from TradingView.com
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