Bitcoin

BlackRock

<ul>
 <li>Bitcoin reached $68,785, with a market cap of $1.35 trillion.</li>
 <li>BTC failed to maintain the surge, dropping to $66,361.</li>
 <li>However, Bitcoin is currently trading just 2% below its all-time high of $68,789.</li>
</ul>
Bitcoin (BTC) surged close to its all-time high, rallying nearly 8.5% to trade above $68,750 as of 7:25 a.m. IST on Tuesday. This marked the second consecutive day of gains for the cryptocurrency, driven by the anticipation of <a href="https://thenewscrypto.com/spot-bitcoin-etfs-propel-btc-to-64000-all-time-high-in-sight/" target="_blank" rel="noopener noreferrer nofollow">robust demand</a> for exchange-traded funds (ETFs) at the beginning of the week.
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 <figure class="aligncenter size-full"><img decoding="async" width="855" height="389" src="https://thenewscrypto.com/wp-content/uploads/2024/03/image-12.png" alt="" class="wp-image-92963" srcset="https://thenewscrypto.com/wp-content/uploads/2024/03/image-12.png 855w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-12-300x136.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-12-768x349.png 768w" sizes="(max-width: 855px) 100vw, 855px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
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Having briefly surpassed the $68,700 mark, Bitcoin recorded a high of $68,785, nearly matching its all-time peak of $68,789 set in November 2021. However, it failed to maintain this surge, slipping to $66,361 before attempting to reclaim lost ground.
At the time of writing, Bitcoin was trading at $68,062 with a daily trading volume of $75.30 billion, reflecting a remarkable 117% surge. Over the past week, Bitcoin’s price has climbed over 24%, showing a 59% increase year-to-date and a 200% surge over the past year, positioning it just 2% away from its historical high.
<h3 class="wp-block-heading" id="h-why-is-bitcoin-btc-rising">Why Is Bitcoin (BTC) Rising?</h3>
The ascent of Bitcoin has been boosted by the promising performance of ETFs holding the cryptocurrency, which began trading in January. Notably, the early success of these ETFs, despite notable <a href="https://thenewscrypto.com/crypto-exchanges-witness-massive-bitcoin-outflow-amidst-price-surge/" target="_blank" rel="noopener noreferrer nofollow">outflows</a> from Grayscale Bitcoin Trust, underscores the sustained interest among traders and investors.
Investors have poured in net inflows of $7.35 billion since the inception of US Bitcoin ETFs, with major players like <a href="https://thenewscrypto.com/blackrocks-bitcoin-etf-hits-milestone-aum-surpasses-10-billion/" target="_blank" rel="noopener noreferrer nofollow">BlackRock Inc</a>. and Fidelity Investments participating actively. Moreover, shares of prominent crypto-related stocks, including MicroStrategy and Coinbase Global, witnessed gains amidst Bitcoin’s upward trajectory.
According to the daily price analysis, if the current trend persists, Bitcoin could surge to $69,150, potentially triggering further momentum toward $69,640 and eventually reaching the key barrier of $70,000.&nbsp;
Conversely, a reversal in the trend could see Bitcoin finding immediate support at $64,889, with a subsequent decline to $63,354. Further downward movement below $63,300 could signal a next support level at $61,230, potentially leading to a decline to $59,400.

Bitcoin Soars Above $68,500—Will It Reach All-Time High This Week?

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