Bitcoin eyes 70k milestone; Analysts anticipate a further rise

Bitcoin (BTC) is moving on the charts with neutral sentiments on its side. Analysts expect a further rise followed by a slight correction post-ATH achievement. The token is currently dancing around $67,000. It did surpass $68,000 for a few moments before retracing back to its recent origins.

Analysts believe that Bitcoin’s neutral sentiments are its strongest quality. This is predicated on the belief that it will only build momentum in the future. This should be distinct from the fact that prices will never drop. They will only rebound, most likely over the $70,000 mark.

It has been remarked upon renownedly that Bitcoin is likely to encounter resistance at $69,000 after surpassing the milestone. If it is maintained for some time, it will pave the way for the subsequent milestone, or the psychological resistance, of $100,000. Pre-existing timetables persistently depict Bitcoin’s value not surpassing $70,000 by the conclusion of 2024. Nevertheless, that matter may be resolved within the coming weeks, if not days.

As Bitcoin approaches its forthcoming milestone, the ATH, a shift in sentiment is anticipated to occur. Assuming that an inevitable decline could harm their portfolios, it would be prompted by investors selling their shares for profits. In essence, investors seek to amass profits prior to the token experiencing a decline in its position on the charts.

Many analysts have put forward a prediction by stating that the price rise is still not a bull run but a warm-up for what is about to come.

That could hint at the upcoming Bitcoin Halving event, which is posed to pitch a higher token price. It has the historical context of pulling the price upward after a gap of a few days.

That said, Bitcoin ETF trading volume has officially surpassed the $7.6 billion mark, with BlackRock leading the charge. This makes the last market closing the second-largest day since the launch of the product. The value specific to BlackRock has been reported at $2,410,752,472, followed by Grayscale and Fidelity at $1,530,679,380 and $1,075,371,219, respectively.

The constant inflow and rise in volume have sparked optimism among the traders. Many speculate that the coming days will be greater for the Bitcoin ETF, followed by more days.

At the time of drafting this article, Bitcoin is exchanging hands at $67,313.30, with a surge of 5.69% in the last 24 hours. It further reflects a surge of 19.28% in the previous seven days and a massive increase of 57.24% in the last 30 days. The 24-hour volume is up by 121.46%.

Trends support any uptick that may come in the near future. The rise will drive the entire crypto sphere, including meme coins and altcoins.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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