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Bitcoin Price Surges Past $65K: Is a $70K Breakout on the Horizon?

With Bitcoin Price surge past $65K, excitement builds as investors wonder: Is a breakout to $70K just around the corner?

Bitcoin Price Surge captured the attention of investors once again as it surpassed the $65,000 mark, reaching a high of just under $65,400. This significant milestone raises the question: is a breakout to $70K on the horizon? Let’s explore the factors behind this Bitcoin Price surge and what it might mean for the future of Bitcoin.

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Bitcoin Price Surges Past $65K: Is a $70K Breakout on the Horizon? 5

Bitcoin Price Surge $65K for First Time Since Early August.

On Thursday, Bitcoin reached its highest price in almost two months, going up by 2.7% in the last 24 hours. The overall cryptocurrency market is also growing. While some altcoins like Cardano (ADA), Avalanche (AVAX), and NEAR Protocol (NEAR) are performing well, Ethereum (ETH) is slightly behind.

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Bitcoin Price Surges Past $65K: Is a $70K Breakout on the Horizon? 6

Bitcoin Price Surge and reached $65K for the first time since early August, hitting $65,558. Ethereum, the second-largest cryptocurrency, also rose to $2,646. Other coins like Cardano and Shiba Inu went up by 10%, with Shiba Inu reaching $0.00001946. Dogecoin also saw an increase, showing that the crypto market might be moving toward the next bull run.

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Bitcoin Price Surges Past $65K: Is a $70K Breakout on the Horizon? 7

What’s Driving Bitcoin Price Surge?

Monetary Stimulus

The recent decision by the U.S. Federal Reserve to lower interest rates for the first time since the COVID-19 pandemic has boosted market confidence. Instead of the expected 25-point cut, the Fed decided on a 50-point cut. Many traders expect another cut at the next meeting on November 7, which could help support riskier assets like Bitcoin.

China’s Economic Moves

On Thursday, news came out that Chinese authorities are thinking about adding up to 1 trillion yuan (about $142 billion) to the country’s biggest state banks. This plan is to help the struggling economy and has caused a 3.6% rise in China’s Shanghai Composite index, making it the best week in 10 years. This economic stability can increase global market confidence, which is good for cryptocurrencies.

Renewed Interest in Spot Bitcoin ETFs

As Bitcoin’s price goes up, more investors are showing interest in U.S.-based spot Bitcoin ETFs. For example, BlackRock’s iShares Bitcoin Trust (IBIT) saw a big increase in money coming in, with nearly $185 million added to the fund recently. This came after a $98.9 million increase the day before. This rise in investment follows weeks of little or negative money flow. It shows that investors are feeling more confident again.

Will Bitcoin Hit $70K?

Market Sentiment: Market feelings are positive right now. Recent price increases and good monetary policies are making people think that there might be more gains ahead.

Technical Resistance Levels: Analysts are closely monitoring resistance levels around $66K and $68K. If Bitcoin can break through these levels, it may gain momentum toward $70K.

Upcoming events, like the options expiry involving many Bitcoin and Ethereum contracts, might cause price changes and increase market activity.

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Bitcoin Price Surges Past $65K: Is a $70K Breakout on the Horizon? 8

Bitcoin Price Surge: Conclusion

While it’s difficult to predict with certainty, Bitcoin hitting $70K seems plausible if the current trends continue. Positive economic indicators, strong market interest, and successful navigation of key resistance levels could pave the way for this breakout. However, as with any investment, risks remain, and potential investors should stay informed and consider various factors before making decisions.

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Also Read: Will Dogecoin Reach $1 in 2024? A Big Question In The Meme Coin World

Disclaimer

The content presented here may express the author’s personal opinions and is subject to change based on market conditions. It is crucial to conduct your own market research before investing in any cryptocurrency. Neither the author nor this publication assumes any responsibility for any financial losses you may incur.