Bitcoin is recovering, but fails to trade above $70,000

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Bitcoin experiences a solid rise this Monday, up more than 3%, trying to reverse over a week of downward trend. However, although it recovers some of the losses, the leading cryptocurrency fails to place its price above the $70,000 threshold. Last week, bitcoin fell to $60,000 after reaching all-time highs a few days earlier. Now, the cryptocurrency faces strong resistance around $68,000, and some investors believe its next target by the end of the year could be above $90,000.

However, there is expected to be a significant episode of volatility in the coming days, and there is a possibility that bulls will regain control over bears shortly. Additionally, the anticipated upcoming halving event keeps buying interest at optimistic levels.

Overall, in the last few hours, the cryptocurrency market capitalization has increased to $2.56 trillion.

Ethereum also joins the gains, with an increase of more than 2% this Monday, standing at $3,545. Regarding this cryptocurrency, the U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on the ETF, citing the need for additional data.

“The Commission considers it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change, in order to have sufficient time to consider the proposed rule change and the issues raised therein,” it has indicated. It is important to remember that the decision was scheduled for March 31, but now the deadline has been extended until May 30. This fact is being met with growing skepticism by the market.

The cryptocurrency market is experiencing intriguing movements today, March 25, 2024, with bitcoin leading the way towards a possible bullish trend. Investors and analysts are closely watching the latest developments, wondering if the leading digital asset is ready to reach new all-time highs.

Technically, we can observe that the price of bitcoin has bounced off the 50% Fibonacci retracement level that we have drawn from the breakout of the ascending symmetrical triangle. This is a good sign as the price has recognized that area as support; at the same time, the Parabolic SAR on the daily timeframe has started to give buy signals. This combination is a good indication, and we may see BTC reach its all-time high again.

In addition to technical analysis and market trends, it is also important to consider the macroeconomic factors that could influence the price of bitcoin. For example, there has been speculation about the impact that possible interest rate cuts proposed by the Federal Reserve of the United States could have on bitcoin demand. Some analysts believe that this could result in further bitcoin supply scarcity, driving the price even higher.