Bitcoin's value has surged over the $65,000 threshold, riding a wave of optimism in the market.

Bitcoin This upward trajectory indicates a potential increase in Bitcoin's price, aiming for the $70,000 range as momentum builds. BTC Following a significant leap last week, the price of Bitcoin has established a robust support level above $60,000, creating a foundation for a renewed bullish trend. The movement has now pushed past the $62,000 resistance.

A key bearish trendline was decisively broken, as observed on the hourly chart for the BTC/USD pair, clearing the resistance at the $62,300 mark. Additionally, the pair has exceeded the 76.4% Fibonacci retracement of the recent decline from the $63,583 peak to a low of $60,108.

Presently, Bitcoin trades comfortably above the $65,000 level and the 100-hour Simple Moving Average (SMA). The immediate resistance is near $63,800, while the next significant barrier could be located at $66,500. Surpassing this level might facilitate further advances toward the $70,000 resistance area.

Should the bullish momentum continue, Bitcoin may breach the $66,000 mark. Further gains could lead to a target near the 1.618 Fibonacci extension level, with a relevant position at $65,730 derived from the recent downward movement.

If Bitcoin struggles to push past the $64,000 resistance, a corrective phase may arise. The first support level is around $62,750, with a critical support area identified at $62,250, coinciding with the 100-hourly Simple Moving Average (SMA).

If Bitcoin closes below $62,250, it could trigger a significant retraction toward the $61,000 area, and additional losses may lead it back to the $60,000 support zone.

This recent price movement occurs against a backdrop of soaring daily open interest for Bitcoin futures on centralized exchanges (CEX), reaching a staggering $27.53 billion in total value for all outstanding contracts, as reported by Coinglass.

Bitcoin Approaches All-Time Highs

Additionally, there’s been a noticeable rise in assets held by spot Exchange-Traded Funds (ETFs), with BlackRock’s IBIT recently hitting the $10 billion mark last week. The leading cryptocurrency is also gearing up for its next halving event set for April 18th. centralized exchanges Institutional interest, fueled by historic gains linked to Bitcoin's halving events, combined with a generally optimistic sentiment in the market, positions currency for potentially surpassing its all-time high in the near future.

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