Bitcoin crossed the $70,000 mark in U.S. evening hours on Monday, a level it hasn’t reached since June. While it’s still about 5% shy of its record high of around $73,700 set back in March, this movement has plenty of people watching closely.
The reasons for this rise? There’s speculation around the recent rate cuts by major Western central banks (Japan being the exception) paired with China’s monetary and fiscal support. This combo might be fueling new interest in Bitcoin, though opinions differ. Some think the influx into U.S.-based spot Bitcoin ETFs could be playing a role as well, while others point to the rising odds in prediction markets favoring Donald Trump, a pro-crypto candidate, in the upcoming presidential election. Each of these factors could be adding its own influence to Bitcoin’s upward momentum.
Rekt Capital, a well-known analyst and trader, shared insights earlier on Monday, suggesting Bitcoin had broken out from its “Bull Flag.” According to him, for this breakout to really hold up, Bitcoin needs to stay above $69,000 for the rest of the week. If it does, we might see Bitcoin hitting new all-time highs even before the end of the month.
Bitcoin is breaking out from its Bull Flag already
The only condition for the breakout to be fully confirmed is for price to remain above $69000 for the rest of the week$BTC #Crypto #Bitcoin https://t.co/alT0ni1z2N pic.twitter.com/Qibk9OBgd5
— Rekt Capital (@rektcapital) October 28, 2024
Currently, Bitcoin is hovering just below this key level, trading at $69,789, according to CoinMarketCap data. Now, it’s just a question of whether the support holds and whether we’ll see Bitcoin make another run toward its peak.
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