Bitcoin has surged past the $70,000 threshold today, fueled by positive market sentiment around the anticipated U.S. approval of Ethereum ETFs. This significant increase reflects a broader enthusiasm in the cryptocurrency market, with Bitcoin reaching a high of $71,650. The rise is partly driven by investor optimism that the U.S. will soon approve the first Ethereum ETFs, which is expected to bring more stability and trust to the cryptocurrency market.
Bitcoin’s Onchain Activity and Market Sentiment
Currently, Bitcoin is trading at $71,009.91, marking a 6.04% increase within the last 24 hours. The market cap of Bitcoin has also grown, now sitting at $1.4 trillion, indicating strong market confidence. Trading volumes have spiked dramatically by over 130%, showcasing a robust trading activity at $53.22 billion.
This surge highlights the market’s reaction to potential regulatory advancements and increased institutional interest. As Bitcoin approaches its all-time high, the community is closely watching for any further positive developments that could push the prices even higher.
The on-chain metrics for Bitcoin continue to indicate a strong bullish sentiment, as evidenced by significant liquidations of short positions. According to recent reports, Bitcoin’s move upward has resulted in the liquidation of many short sellers, adding fuel to the rally. Additionally, the number of Bitcoin addresses holding more than $1 million has reached a record high, reflecting growing confidence among both individual and institutional investors. This metric not only highlights the increasing adoption of Bitcoin but also cements its reputation as a primary asset in the diversification of investment portfolios across the globe.
Bitcoin Aims for Stability Above $70k
The 4-hour chart of Bitcoin (BTC/USD) reveals a relatively stable price movement, with the current trading price hovering around $70k in the last 12 hours. BTC/USD 4-hour chart shows that Bitcoin has been consistently testing the upper boundaries of the Keltner Channel, indicating bullish momentum.
Recently, Bitcoin reached a high of $71,052, approaching the upper resistance near $71,500. This level is crucial as surpassing it could signal a potential push toward higher resistances, with the next significant target being $73,794 as indicated by previous highs.
The Stochastic RSI indicates an overbought condition with a value of 85.73, which could hint at a possible retracement or consolidation in the near term. However, the Chaikin Money Flow (CMF) stands at 0.37, showing strong buying pressure and capital inflows into Bitcoin, reinforcing the bullish sentiment seen in recent price actions.
The support at $70,154 remains critical; holding above this level is essential for maintaining the current bullish trajectory. A break below could further support around $68,298, aligning with the lower Keltner Channel boundary.
