Bitcoin Nears $71,000 Mark

The leading cryptocurrency has resumed its upward trajectory, with the price of digital gold nearing the $71,000 mark.

This upward movement was accompanied by a surge in trading volumes.

The rise in Bitcoin’s price to around $70,990 has positively impacted the broader market, with blue-chip cryptocurrencies by market capitalization entering the “green zone.”

Analyst Rekt Capital suggested that for digital gold to “enter the parabolic growth phase,” it needs to overcome the resistance zone between $72,000 and $73,000.

#BTC

Bitcoin just needs to break this final major resistance area (red) to enter the Parabolic Phase of the cycle$BTC #Crypto #Bitcoin pic.twitter.com/EpRZeo6hL0

— Rekt Capital (@rektcapital) June 4, 2024

At the time of writing, the total market capitalization stands at $2.76 trillion. Bitcoin’s dominance index is 50.6%.

Earlier, experts at CryptoQuant noted the reluctance of holders to “cash out” after testing the $70,000 level.