Bitcoin Surges Past $67,000, Highest Price in Over a Month

Bitcoin (BTC) entered the weekend feeling incredibly good. The Bitcoin price made a steep climb yesterday to a peak of over $67,000.

It has been over a month since the price reached this high, which has brought a lot of optimism to the market. Can Bitcoin soon find the magical $70,000 mark again?

BTC price shoots up 6%

The Bitcoin price yesterday revived its upward trend from the beginning of the week in an even higher gear. After a few days in which the price was weakening, it came back to life again yesterday.

Bitcoin was still at a price of $63,500 in the morning and first cautiously climbed past $64,000. This turned out to be the starting signal for a major rally that was brought to a peak above $67,000 in the evening. To be precise, Bitcoin rose to a high of roughly $67,400. The last time Bitcoin was above $67,000 was on June 17.

Yesterday’s sharp price increase has led to a flood of liquidations in the crypto market. According to data from CoinGlass, over 38,000 traders have been liquidated in the past 24 hours for a total amount of over $133 million. Short positions in particular, which speculate on a price drop, were logically forced to close. Nearly $95 million in liquidations came from short positions, compared to over $37 million from long positions.

The recent rally has taken Bitcoin past its high of just under $65,000, set earlier this week. This is an encouraging sign as it continues the trend of higher highs and higher lows, as noted by analyst Caleb Franzen on social media platform X. ”The bulls are regaining more and more control over the price,” Franzen said.

Bitcoin to $70,000 soon?

Bitcoin’s rally has also taken the price past its key resistance of $65,000 with full conviction. According to renowned crypto analyst Rekt Capital, Bitcoin has now entered a new range that runs between $65,000 and $71,000.