- Bitcoin surged toward $70,000, reaching its highest level since late February.
- Traders cited positive U.S. manufacturing data as a key catalyst, helping bulls sideline geopolitical tensions.
- Caution prevailed among analysts, with some noting that Bitcoin needed to reclaim the $69,000 level for a durable recovery.
Bitcoin (BTC) surged toward $70,000 after Monday’s Wall Street open, diverging from U.S. stocks as positive economic data overshadowed global tensions. The cryptocurrency hit $69,788 on Bitstamp, its highest level since Feb. 25, following a strong Manufacturing Purchasing Managers Index (PMI) report that signaled expansion.
Consequently, trader Castillo Trading noted a more organic market, pointing to declining sell-side pressure from a major exchange. Meanwhile, analyst Nik Bhatia from The Bitcoin Layer commented on the correlation, stating the industry had returned to growth after three years of contraction.
However, skepticism remained high regarding a true market recovery. Many participants urged caution, with analytics resource Wealthmanager flagging $69,000 as a critical resistance zone. Roman, another trader, argued the chart showed a “Pretty obvious bear flag formation,” eyeing a potential move back toward $52,000.
Material Indicators cofounder Keith Alan added that reclaiming $69,000 was the first key hurdle. He stated “BTC bulls just took out resistance at $69k and are sizing up the next Timescape Level around $71.3k. But first, they’ll need to feed on ask liquidity at $70k.” Data from TradingView confirmed the daily price gains exceeded 5%.
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