Bitcoin surged toward $70,000 as U.S. markets opened on Monday, diverging from stock performance. The rally followed positive U.S. manufacturing data, with traders noting reduced selling pressure on major exchanges. Despite the move, market participants remained skeptical about a true recovery, highlighting key resistance levels and ongoing geopolitical uncertainties.
Bitcoin’s price gained over 5% at the start of U.S. trading, reaching near $69,800. The move marked its highest level since late February.
Analysts observed that selling pressure from Binance appeared to have less organic influence on price. “Things are looking a lot more organic when it comes to Binance spot $BTC selling,” noted Castillo Trading.
A key driver was a strong U.S. Manufacturing PMI report showing expansion. “Bitcoin trading well on strong US manufacturing this morning and elevated prices paid,” commented Nik Bhatia of The Bitcoin Layer.
Many traders urged caution, pointing to the $69,000 level as significant resistance. Analytics account Wealthmanager warned followers to watch out with long positions at this level.
Technical analysts highlighted bearish signals on higher timeframes. Trader Roman argued a bear flag formation was obvious, with indicators resetting for another potential move lower.
Material Indicators noted similarities to Bitcoin’s 2022 bear market, with monthly chart signals aligning. The firm’s co-founder, Keith Alan, stated that reclaiming $69,000 was the first key hurdle for a durable recovery.
