Bitcoin prices soar, ready for $70,000

Bitcoin started the new week with a spurt, peaking at $68,400, about $500 away from the all-time high of November 2021, which could be tested at any moment.
In euros, bitcoin has already reached a new all-time record of €63,270.
At the time of writing, BTC/USD is at $67,800, up 7.3 per cent in 24 hours and 20.5 per cent in a week.

ETF success, short squeeze and expectation of halving support bitcoin quotes

It is important to note that the main driver of BTC growth remains the success of the spot bitcoin ETF funds launched in January. Yesterday was the third highest trading volume for BlackRock's IBIT ETF (NYSE:BLK) since its launch.
A tightening of short positions also appears to have contributed to the upside, with $120 million of mostly leveraged short positions liquidated on Monday.
It should also be noted that bitcoin is benefiting from the expectation of a halving next month, an event that occurs every four years and has always been mostly positive for BTC throughout its history.

Concerns over US debt and regional banks are also playing a role in BTC's rally

Concerns over US debt and the risk of a systemic financial crisis due to the instability of US regional banks are also a factor in bitcoin's favour.
Regarding US debt, a BofA report released yesterday highlighted that US debt is growing by $1,000 billion every 100 days, emphasising its unsustainable nature which could lead to a devaluation of the dollar.
As for regional banks, NYCB continues to be in trouble, with its shares falling another 23% on Monday after falling 26% on Friday. The bank's stock was downgraded by Fitch and Moody's, renewing fears of a financial crisis.
However, as some believe bitcoin can serve as a reserve currency and an alternative to the financial system, these factors are undoubtedly playing a role in the cryptocurrency's rise in recent days.
Finally, as far as important thresholds are concerned, yesterday's high at $68,400 and the record high around $69,000 form an initial zone of resistance before the psychological threshold of $70,000.
On the other hand, the first tangible support on the BTC/USD chart is around $64,000.