Bitcoin (BTC) entered the weekend feeling pretty good. The price of Bitcoin surged sharply yesterday to a peak of over $67,000.

It has been over a month since the price hit this high, which has brought a lot of optimism to the market. Can Bitcoin quickly reach the magical $70,000 level again?

Bitcoin price rises by 6%

Yesterday, Bitcoin price revived its upward trend from the beginning of the week to a higher level. After a few days in which the price was somewhat weak, it came back to life yesterday.

Bitcoin was still at $63,500 in the morning and initially cautiously climbed above $64,000. This turned out to be the starting signal for a major rally that culminated above $67,000 in the evening. To be precise, Bitcoin rose to a high of around $67,400. The last time Bitcoin rose above $67,000 was on June 17.

Yesterday’s sharp price surge led to a large number of liquidations in the cryptocurrency market. According to facts From CoinGlass, over 38,000 traders were liquidated in the past 24 hours for a total of over $133 million. Short positions in particular, where there was speculation of a price decline, were logically forced to close. Nearly $95 million of the liquidations came from short positions, compared to over $37 million from long positions.

The recent surge has pushed Bitcoin past its all-time high of just under $65,000 set earlier this week. This is an encouraging sign as it leaves the trend of higher highs and lower lows intact, analyst Caleb Franzen noted on the social media platform. Indicates“The bulls are regaining more and more control over the price,” Franzen said.

Bitcoin soon to $70,000?

Bitcoin’s recovery has also pushed the price wholeheartedly past the key resistance level at $65,000. According to well-known cryptocurrency analyst Rekt Capital, Bitcoin has now entered a new range of $65,000 to $71,000.