- Bitcoin’s recent surge past $65.4K signals market resilience and investor optimism.
- Challenges include declining velocity and trading frequency despite increased volume
Bitcoin (BTC) has recently experienced a whirlwind of events, showcasing its volatility and resilience in equal measure. Over the past month, the crypto landscape has seen significant developments, ranging from regulatory approvals to protocol launches, ultimately influencing BTC’s price trajectory.
Hong Kong’s approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) marked a pivotal moment, signaling increasing mainstream acceptance of digital assets. Concurrently, Binance’s decision to terminate support for Bitcoin Ordinals reflected the evolving nature of the crypto exchange ecosystem. Meanwhile, the introduction of the Runes protocol added a new layer of innovation to the blockchain space.
BTC itself underwent a fundamental shift as its block reward halved from 6.25 to 3.125 Bitcoins, a move anticipated to impact its supply dynamics. This adjustment, coupled with market dynamics, led to BTC hitting a two-month low of $56,552, showcasing an 8.14% decline over 30 days.
However, the tide turned in the past 24 hours, with BTC surging past $65.4K, currently standing at $63,599.57. Notably, an intriguing transaction surfaced, involving a dormant wallet activating after 10.3 years, transferring a substantial sum of 687.33 BTC valued at $43.94 million.
Can Bitcoin Hit $70K Again?
Despite the recent upswing, challenges loom on BTC’s ascent to higher price levels. Concerns regarding declining velocity and trading frequency persist, despite a surge in volume. Yet, amidst these hurdles, the selling pressure on most holders remains subdued, as evidenced by the daily RSI at 49 and a notable 67% increase in trading volume, totaling $30 billion.
As the crypto community navigates through these fluctuations, all eyes remain on BTC’s trajectory, with the potential for reclaiming the $65,000 mark and embarking on a journey towards $70,000, contingent upon prevailing market sentiment and overcoming existing obstacles.
