Bitcoin neared $70000

Bitcoin surged to a new 2024 high near $68,832.

Bitcoin's market capitalization remains at a record-breaking $1.3 trillion, highlighting the cryptocurrency's growing influence.

There are several factors contributing to the bitcoin’s recent rally.

Net inflows into Bitcoin Spot ETFs have risen, indicating growing investor interest in the cryptocurrency.

The upcoming Bitcoin halving event on April 19th, which will significantly reduce the number of new Bitcoins mined, is generating excitement among the market participants.

Potential interest rates cuts in the US are also playing an important role as lower rates may divert more investors towards riskier assets, including crypto.

On the technical side …

• BTC is trading above the key simple moving averages (21, 50 & 100-period SMAs), indicating strong upward momentum
   
• Key resistance lies at an all-time high ($70,000), a psychological barrier that could propel the price further upwards if broken. Support sits at $60,000
   
• The RSI indicator (85.88) suggests the market might be overbought (<30 – oversold, >70 – overbought), potentially leading to a technical pullback