Bitcoin reached a significant milestone on Monday, surpassing the $70,000 mark for the first time since late July and peaking at an intraday high of $70,218 per coin.
The surge to $70,218 represented a 2.6% increase against the U.S. dollar by 6:10 p.m. ET. However, the price later cooled slightly to $69,723 by 8:10 p.m. ET, just falling short of the psychological barrier of $70,000. Notably, Bitcoin had not entered the $70,000 range since July 28, 2024.
This achievement comes amidst a week filled with impactful events, including the U.S. election on November 5, Wednesday’s U.S. Gross Domestic Product (GDP) report, and the Federal Open Market Committee (FOMC) meeting set for two days after the election. Additionally, it’s not just Bitcoin that is experiencing gains; several altcoins have also joined the upward trend.
The entire crypto market now boasts a valuation of $2.31 trillion, with a trade volume of $84.06 billion in the past 24 hours – a significant 86% increase from Sunday’s figures. According to current data from coinmarketcap.com, Bitcoin dominance currently stands at 59.8% of the crypto economy. Meanwhile, the Crypto Fear and Greed Index (CFGI) from alternative.me is indicating “greed” with a score of 72 out of 100.
In South Korea, Upbit is showing a premium, with Bitcoin priced at $70,427 as it remains steady in the $70,000 range. Bitcoin futures are also gaining traction, with open interest (OI) climbing to $40.91 billion, led by CME Group’s share of $11.49 billion. Binance follows with $8.73 billion in OI, Bybit takes $6.29 billion, and Bitget holds $4.06 billion.
On the derivatives front, activity seems cautious, as only $168.69 million in positions were liquidated over the past day, according to coinglass.com. The majority of liquidations were from short positions, with $95.81 million lost on shorts – $39.59 million for BTC shorts and $16.76 million for ETH shorts. With Bitcoin sitting only 5.3% shy of its all-time high of $73.7K, reached on March 14, 2024, the $70,000 mark carries significant psychological weight.
If Bitcoin manages to break through this range, it would enter uncharted territory, with the potential for anything to unfold. As Bitcoin edges closer to its historic peak, anticipation is palpable within the crypto space. With the U.S. election, economic indicators, and critical Federal Reserve decisions just days away, investors are bracing for potential shifts. Whether Bitcoin sustains momentum or faces resistance, the unfolding week promises to shape market sentiment, potentially setting the tone for year-end dynamics in digital assets.
