Could bitcoin reach its ATH today?

Bitcoin, ignited since its crossing of $60,000 at the end of February, is attracting increasing global attention. Its approach to the previous record of $69,000 in November 2021 raises questions: will it surpass this ATH today?

Bitcoin: Heading to $70,000?

Early yesterday morning, Bitcoin reached a historic high by trading for 60,100 euros, thus marking a European record. In 2021, its peak was 59,600 euros when the euro was valued at 1.15 dollars.

On March 5 at 4:56 AM UTC+3, a Bitcoin reached the impressive value of $68,762.25. At the time of writing, the flagship crypto is holding at $66,444.51, with an increase of nearly 2% over 24 hours. Yesterday, BTC had started at $62,753.65 and closed at $67,355, reigniting the hopes of traders.

The historic peak of $69,044.77, set on November 10, 2021, could it be reached today? Bitcoin.com provides enlightening analysis on this burning question.

Bitcoin maintains its strong position above the $65,000 bar. With the establishment of a new support, the cryptocurrency begins a new rally, surpassing the $66,000 threshold. This steady ascent brings it closer to the last historic peak, with a recent high at $68,786. Currently, the price is consolidating its gains, staying above the 23.6% Fibonacci retracement level.

Currently, BTC is trading above $67,500, comfortably supported by the 100-hour simple moving average. An upward trend is taking shape, with a key support at $66,000 according to the BTC/USD hourly chart.

In terms of resistance, the $68,800 threshold is one to watch closely. Beyond that, the next step could be $69,200, paving the way for potential progress towards $70,000. A clear breach of this barrier could propel the price toward $71,200, and even $75,000 in the long term.