Over the past week, BTC’s price surged more than 13%, approaching its all-time high of $73,700 set in March.
Increased global liquidity and low supply contribute to this potential for further gains in Bitcoin’s price.
Bitcoin is demonstrateing signs of a potential breakout, according to analyst Miles Deutscher, with recent trends suggesting that the cryptocurrency may be on the verge of a substantial upward movement. Analyst Deutscher also believes the upcoming US presidential election could add complexity to the market, with Bitcoin potentially positioned as “a pillar of US financial stability” should former President Donald Trump win.
Appearing at the time of writing, BTC is trading at $66,940, down 1.5% in the 24-hour time frame, as it has encountered significant resistance at the $68,000 level, preventing it from tackling the biggest resistance yet at $70,000.
