Key Takeaways
- For the first time since the beginning of the summer, Bitcoin has risen beyond $70,000.
- Right now, the price is around 3% lower than its peak.
- 749 Bitcoin has been transferred to a different address by an inactive whale.
For the first time since June 2024, Bitcoin’s (BTC) price has surpassed $70,000.
At the close of last week, Bitcoin began to gather traction, holding over $66,000 and failing to go below $65,000, according to TradingView.
Bitcoin has risen above $71,000 as of this writing.
Is It Possible for Bitcoin to Hold Above $70,000?
Bitcoin has achieved a major milestone by hitting $70,000, particularly after four months of battling to maintain its value over $65,000 due to market declines.
Bitcoin has surpassed the volume-weighted average price for the first time, according to cryptocurrency trader Doc on X (previously Twitter).
According to cryptocurrency trader Phoenix, November may see Bitcoin hit a new all-time high. Bitcoin is now about 3% behind its previous all-time high of $73,737, which was reached on March 14, 2024.
The price of Bitcoin has historically increased in October and November, which could lend credence to this prediction.
Crypto researcher Koryo notes that Bitcoin’s supremacy in the cryptocurrency industry persists even in 2024, despite the introduction of new players and narratives.
According to Koryo, the impending introduction of Bitcoin ETFs and the continuous difficulties facing the decentralized finance (DeFi) industry may have an impact on this trend.
A Whale Comes Alive
A long-dormant whale wallet has sprung to life amid the recent spike in the price of Bitcoin. After 12 years of no transactions, this whale transferred 749 Bitcoin to a different address, which is equivalent to over $53.6 million at the current price of $71,600.
