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Bitcoin Breaks $70,000: Is a New Bull Run on the Horizon?


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On October 29, Bitcoin price surged by 5%, surpassing the $70,000 mark and igniting optimism among traders about future price targets.

Recent Price Movements

According to data from Coinpedia markets, Bitcoin (BTC) started the day at a low of $67,541 and climbed to a remarkable 20-week high of $71,500. This significant increase highlights a strong upward trend in Bitcoin's value.

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Surge in Trading Volume

Accompanying this price rise is a notable increase in trading activity. As of now, trading volumes reached $47.5 billion, nearly double the amount seen on October 28. This surge indicates heightened interest and activity in the market.

Liquidation of Short Positions

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In the past 24 hours, over $78 million in short positions have been liquidated. This event may have contributed to the price spike, as traders who had bet against Bitcoin were forced to close their positions, driving the price higher, according to CoinGlass data.

Key Support Levels

Bitcoin’s ongoing rally has established crucial support levels, particularly around the psychological barrier of $70,000. Analyst Jelle noted in a recent post that Bitcoin is now approaching “one last hurdle” before potentially reaching new all-time highs. This hurdle is the supply zone between $72,000 and the previous peak of $73,835.

Resistance Zones Ahead

Another analyst, Amber_D, echoed these observations, highlighting that Bitcoin is now trading above $71,000. She pointed out that BTC is heading towards a strong resistance zone around $71,000 to $73,000.

As traders watch these developments closely, the question remains: what does this mean for Bitcoin's future? Stay tuned as we continue to monitor Bitcoin’s price movements and what they could mean for the cryptocurrency market!

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