Bitcoin Breaks Above $70k

Coinmarketcap

Bitcoin has recently surpassed the mark of $70k marking a remarkable milestone in the trajectory of its price. As of October 29, 2024, Bitcoin is valued at approximately $71,077.50 on coinmarketcap and has experienced a surge of over 5% recently.

The increase follows a period of consolidation between $66k and $70k with bullish momentum building as it broke through the resistance level of $70k.

Positive technical indicatiors support the price movement. Key moving averages have been reclaimed by Bitcoin, indicating a shift toward bullishness. There is potential for additional gains as the Relative Strength Index (RSI) indicates moderate buying pressure without hitting overbought levels.

Analysts suggest that Bitcoin could aim for the next resistance level of around $72k. Breaking above this threshold could trigger a new ATH which could potentially lead to significant upward momentum.

The current sentiments about the market momentum appear optimistic with increased buying pressure from larger investors and a small slowdown among retail traders.

Breaking the $70k mark barrier is seen as an important step for Bitcoin in pursuit of new highs.

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