Bitcoin Soars Above $68,500—Will It Reach All-Time High This Week?

• Bitcoin reached $68,785, with a market cap of $1.35 trillion.
• BTC failed to maintain the surge, dropping to $66,361.
• However, Bitcoin is currently trading just 2% below its all-time high of $68,789.

Bitcoin (BTC) surged close to its all-time high, rallying nearly 8.5% to trade above $68,750 as of 7:25 a.m. IST on Tuesday. This marked the second consecutive day of gains for the cryptocurrency, driven by the anticipation of robust demand for exchange-traded funds (ETFs) at the beginning of the week.

Bitcoin (BTC) Price Chart (Source: CoinMarketCap)

Having briefly surpassed the $68,700 mark, Bitcoin recorded a high of $68,785, nearly matching its all-time peak of $68,789 set in November 2021. However, it failed to maintain this surge, slipping to $66,361 before attempting to reclaim lost ground.

At the time of writing, Bitcoin was trading at $68,062 with a daily trading volume of $75.30 billion, reflecting a remarkable 117% surge. Over the past week, Bitcoin’s price has climbed over 24%, showing a 59% increase year-to-date and a 200% surge over the past year, positioning it just 2% away from its historical high.

Why Is Bitcoin (BTC) Rising?

The ascent of Bitcoin has been boosted by the promising performance of ETFs holding the cryptocurrency, which began trading in January. Notably, the early success of these ETFs, despite notable outflows from Grayscale Bitcoin Trust, underscores the sustained interest among traders and investors.

Investors have poured in net inflows of $7.35 billion since the inception of US Bitcoin ETFs, with major players like BlackRock Inc. and Fidelity Investments participating actively. Moreover, shares of prominent crypto-related stocks, including MicroStrategy and Coinbase Global, witnessed gains amidst Bitcoin’s upward trajectory.

According to the daily price analysis, if the current trend persists, Bitcoin could surge to $69,150, potentially triggering further momentum toward $69,640 and eventually reaching the key barrier of $70,000. 

Conversely, a reversal in the trend could see Bitcoin finding immediate support at $64,889, with a subsequent decline to $63,354. Further downward movement below $63,300 could signal a next support level at $61,230, potentially leading to a decline to $59,400.