Bitcoin to Test $70k After Setting a New All-Time High Above $68k

·2 min read

Bitcoin and Ether have soared to new all-time highs, and more gains could be recorded over the coming days and weeks as the market continues to grow.

BTC on Track for $70k Before Weekend

The leading cryptocurrency has set a new all-time high at $68,461. Bitcoin achieved this latest milestone a few hours ago after rallying by more than 4% over the past 24 hours. At press time, BTC is trading at $67,923, less than 1% down from its current all-time high.

The rally pushed Bitcoin’s total market cap past the $1.3 trillion mark. Bitcoin could continue to surge higher in the coming days and weeks and touch the $70k level soon. If BTC maintains its current rally, then the bulls could look to surpass the first major resistance point at $69,500.

BTC/USD chart. Source: FXEMPIRE
BTC/USD chart. Source: FXEMPIRE

In the event of an extended bullish performance by the leading cryptocurrency, it could capture the $70k level for the first time in its history. However, the second major resistance level above $71k should limit further upward movement in the short term.

On the flip side, Bitcoin could slightly retrace after reaching a new all-time high. A decline towards the $66,500 level could allow the bulls to replenish and rally higher. Unless there is an extended sell-off in the cryptocurrency market, Bitcoin should comfortably stay above the $66k support level over the next few hours.

Bitcoin could still look to reach $100k before the end of the year, with numerous analyses and expert views indicating that it is possible.

Ether Also Sets a New High

Ether, the second-largest cryptocurrency by market cap, was not left out in the history-making. ETH reached a new all-time high above $4,800 and is edging closer to the $5,000 level. It is possible for ETH to top the $5k resistance level before the end of the week.

As the prices of cryptocurrencies continue to increase, the total crypto market cap grows. At the time of writing, the total cryptocurrency market cap is above $3 trillion and could surge higher once BTC and ETH touch $70k and $5k, respectively.

This article was originally posted on FX Empire