Bitcoin (BTC) price volatility continues as the new week begins at the highest levels ever recorded. The largest cryptocurrency has achieved its highest weekly close to date, but bulls continue to encounter strong resistance in reaching higher levels.
A Critical Week for Bitcoin
Recent US macroeconomic data suggests that the upcoming Federal Reserve’s interest rate decision could influence Bitcoin‘s price. While at a significant turning point, miners did not waste time in securing profits before the April block subsidy halving.
Last week, a surge exceeded the previous $69,000 levels, propelling Bitcoin to its all-time high on March 11. The leading cryptocurrency Bitcoin had recently surpassed the $69,000 mark last seen in November 2021.
However, the cryptocurrency failed to maintain this level and fell to lower levels. Yet, today’s rapid price increase first led to breaking the $70,000 barrier, followed by leaving $71,000 behind. Popular cryptocurrency analyst Skew commented on a social media platform:
Due to the lack of spot offers absorbing these large demands, the price is still dropping around $70,000.
Expert Views on Bitcoin
In addition to this data, Maartunn, a contributor to the on-chain analysis platform CryptoQuant, revealed the movement of cryptocurrencies that had been inactive for up to a decade on the chain. Skew later emphasized the area between $63,500 and $65,500 as the key to maintaining the current uptrend in the event of a significant downturn. He highlighted the behavior of the spot order book at Binance, the largest global exchange by volume:
We are starting to see more significant offers from $60,000, likely protective bids are decreasing. The concentrated price drop here is due to the absence of passive spot buyers.
