Bitcoin spent most of the day dipping south of $70,000, but later reclaimed that $70,000 level earlier today, reaching a high of $70,294 on the Bitstamp exchange. The surge came as the Nasdaq rose 1.3% in U.S. trading following a tech sector rally. That crypto and equities were aligned sparked discussions around Bitcoin next possible milestones.
Reports have suggested that today’s swift spike was driven by global giant Binance but Coinbase is often associated with Bitcoin price action. Binance’s trading activity has brought to light an unusual divergence between Bitcoin’s real price and its futures price. This is what has fueled new momentum for BTC, pushing it ever closer to its previous record high of $73,600, achieved on October 29.
Bitcoin Eyes New All-Time High, Just 5% Away
The journey this BTC has taken recently has been volatile. It fell as low as $66,798 just a few days ago, on November 4, up 19 percent that day, before recovering. Founding Cubic Analytics, Caleb Franzen warned against reading too much into one upward swing as it’s ‘really not enough’ ‘we need to see the sustained reacceleration to the upside and to take out the short term highs to confirm that the setup worked.’
Cryptocurrency analyst Matthew Hyland also pointed to hitting a new all time high as important in itself, as the next ‘higher high’ on Bitcoin’s daily chart would be a big breakthrough. BTC is at the moment about 5 percent away from breaking its records, and the market is counting on this to continue.
Bitcoin is back in the spotlight with renewed buying pressur and traders ro wait to see how Binance influence will be on spot prices and worldwide sentiment. And if the bulls control, BTC could soon reach another record high, while the crypto market continues to enjoy another welcome milestone.
