Bitcoin, on fire since crossing $60,000 at the end of February, is attracting growing global attention. Its approach to the previous high of $69,000 from November 2021 raises questions: will it surpass this ATH today?
Bitcoin: Heading for $70,000?
Early yesterday morning, Bitcoin reached a historic high by exchanging for 60,100 euros, thus marking a European record. In 2021, its peak was 59,600 euros, when the euro was worth 1.15 dollars.
This March 5 at 4:56 UTC+3, one bitcoin reached the impressive value of $68,762.25. At the time of writing, the flagship crypto is holding steady at $66,444.51, up almost 2% over 24 hours. Yesterday, BTC started at $62,753.65 and closed at $67,355reviving the hopes of traders.
THE all-time high of $69,044.77established on November 10, 2021, could it be achieved today? Bitcoin.com delivers an enlightening analysis on this burning issue.
Bitcoin maintains its strong position above the $65,000 mark. With the establishment of new support, the cryptocurrency begins a new rally, crossing the $66,000 threshold. This constant ascension brings it closer to the last all-time high, with a recent peak at $68,786. Now, the price is consolidating its gains, holding above the 23.6% Fib retracement level.
Currently, BTC is trading above $67,500, comfortably supported by the 100 hourly simple moving average. An upward trend is emerging, with key support at $66,000 according to the BTC/USD hourly chart.
In terms of resistance, the $68,800 threshold should be closely monitored. Beyond, the next step could be the $69,200, paving the way for a possible progression towards $70,000. A clear breach of this barrier could propel the price towards $71,200, or even $75,000 in the long term.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
