Bitcoin (BTC) Poised To Crack Above $70K After Refreshing ATHs

Bitcoin (BTC) hasn’t ridden a rollercoaster this week in terms of price action because its directional move had been so bullish, as today refreshed once again its all-time highs.

According to data from Coinbase, the world’s largest cryptocurrency by market capitalization rose to hit the $69,000 handle, nearing the so-expected $70,000 milestone.

Since the beginning of the week, the price action had been developing a bullish formation that looks forward to unleashing another buying wave that takes BTC to visit new highs in the middle of a discovery zone.

In addition, the support area of $66,000 had served as another critical demand zone that is boosting the price towards new levels to the north.

ETH Joins The Party

As a result of the upwards move, on-chain activity is quite volatile as of press time, with the number of active addresses at this stage increasing further, according to data from Santiment.

On the other hand, Ether (ETH) is also following the same bull-run path of Bitcoin, refreshing its ATHs to consolidate above the $4,800 level, and it’s on the way to hit the $5,000 handle soon, as the simple moving averages at the H4 chart are far away from the current price.

No immediate fundamentals can be attributed to the ongoing rally in BTC, although the positive news on adoption and recent words from key players in the fintech industry towards cryptocurrencies had surely added fuel in favor of the bulls.

Will It Settle Above $70K Definitely?

From a technical perspective, in the short term, Bitcoin is eyeing levels above $70,000, which at this stage, it’s highly likely that break above it in order to consolidate further and put the price action on the way to reach the $100,000 threshold in the midterm.

The risk to the downside remains persistent as long as the $66,000 level gives up and allows an extended pullback of Bitcoin towards the 50-period simple moving average at the H4 chart, followed by the 200-period simple moving average around $61,800.

In the meantime, the RSI indicator had settled in the overbought territory, favoring the aforementioned corrective move at any time soon.