Bitcoin Breaks Multiple Resistance as Price Rallies Past $70K

• Bitcoin price has factored in an additional 4.70% price increase in the last 24 hours. 
• The cryptocurrency’s daily trading volume surged by 148.49% as per CMC data.

The crypto space has been abuzz with activity as Bitcoin has rallied to hit the March 2024 trading levels. However, the altcoin sector has shown mixed signals in the last 24 hours. Ethereum has failed to utilize this positive momentum, but Solana, on the other hand, has hit the $180 level. 

Notably, Bitcoin has experienced a 4.70% price increase over the last 24 hours and has hit the $70K level. At the beginning of the day on October 28, the cryptocurrency traded in the $67,000 range before bulls propelled prices to current levels. As of this writing, BTC was trading at $71,017, according to CMC data.  

Additionally, Bitcoin hit a 144-day high of $71,587, according to TradingView data. Moreover, the weekly price chart shows that the cryptocurrency has traversed from the $66K level with a similar price increase rate as of the past day—4.91%. Previously, BTC had hit $68,000 and then dropped to $66,000.  

Meanwhile, the US spot Bitcoin ETFs have also shown bullish activities as inflows hit a weekly high of $479.35 million as per Sosovalue data. BlackRock’s IBIT recorded the highest inflows – $315.19 million. 

Where is Bitcoin Price Headed?

On analyzing Bitcoin’s daily price chart, the cryptocurrency’s movements depict a rising wedge pattern breaking out into bullish movements. As per market experts’ opinion, the rising wedge is usually followed by a reduction in trading volume. However, the current price actions suggest that the Bitcoin price is breaking out of the pattern, as aforementioned. 

Moreover, Bitcoin’s bull-bear power indicator also shows coinciding indications. The bull power indicator’s value stands at 1.71, while its bear power indicator’s value stands at 0.29. This shows a positive trend in price and predicts more upward movements in the coming days. 

If Bitcoin sustains these predictions, then it can be expected to surpass its current ATH at $73,750. This action can also result in members of the altcoin sector such as Solana and SUI reflecting the bull run and reaching new trading levels. 

Highlighted Crypto News Today: 

Maker (MKR) Price Predicted to Hit $3000?