Bitcoin punches above $70K, on brink of second breakout in months

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Bitcoin has once again breached the $70,000 mark, reaching $70,225 per coin for the first time in over a month, marking its highest level since April 12.

The 6% surge in 24 hours, as reported by CoinGecko, highlights a strong bullish sentiment from investors flooding newly approved spot Bitcoin exchange-traded funds (ETFs) with capital.

The recent surge in Bitcoin’s price comes as positive market sentiment and institutional interest grow. The upward trajectory began in late February, with Bitcoin rising from around $47,500 to approximately $55,000 by early March. This initial rise was followed by a period of bullish momentum, with the alpha crypto peaking at roughly $62,500 before the week closed. As the second week of March came in, Bitcoin reached the $70k level.

This peak represented a period of intense buying activity and market enthusiasm, driven by speculation and heightened interest in the crypto market.

Today’s surge to $70,225, influenced by the US Bureau of Labor Statistics report showing lower-than-expected inflation in April, suggests that the Federal Reserve might cut interest rates, making assets like Bitcoin more attractive compared to traditional investments.

The general trend from February to May indicates a bullish market sentiment, with significant price increases and sustained periods of high trading volume. Over the past 24 hours, over $235 million in crypto positions were liquidated, with $63 million in Bitcoin short positions alone, highlighting the intense market activity and investor optimism.

The recent speculation that the SEC might approve spot Ethereum ETFs with a 75% chance has also contributed to the bullish momentum.

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