Bitcoin knocks on the $70,000 door

Bitcoin has taken a significant technical step after breaking out of its previous trading range between $61,500 and $66,900. According to ForexLive/InvestingLive, the price climbed from above $65,000 to around $69,258 in a short period of time – the highest level in several weeks.

The critical question analysts are now asking is whether Bitcoin can hold above the former resistance at $66,900. A swift pullback below this level could qualify as yet another failed breakout attempt, while sustained trading above it would send stronger signals of a more durable uptrend.

A quick break above resistance without follow-through is not a breakout – it's a trap.
Ethereum explodes 26% in eight hours – revealing a broader crypto shift - Bilde 1

Ethereum's eight-hour rocket ride

The truly striking move came from Ethereum, which according to InvestingLive surged around 26 percent in just eight hours. The move had the hallmarks of a technical release: ETH traveled from the lower boundary of its six-month volume profile near $1,844 to the upper boundary at approximately $2,309 – passing the point of control at $2,062 with unusual speed along the way.

Ethereum outperforming Bitcoin is historically a signal of increased risk appetite in the market. Research on the relationship between the two assets shows that ETH tends to rise more than BTC during bull periods, but fall harder during downturns – reflected in Ethereum's higher annualized volatility of around 59 percent versus Bitcoin's 42 percent.

Ethereum explodes 26% in eight hours – revealing a broader crypto shift - Bilde 2

ETF inflows add institutional weight

One of the key drivers behind the rally is the improvement in ETF flows. US Bitcoin spot ETFs recorded inflows of $297.5 million on August 17 and $189.3 million on August 18 – a marked contrast to the outflows seen the previous week, according to InvestingLive.

In addition, Ethereum ETFs, led by BlackRock's ETHA product, pulled in $71.4 million on August 18. This is significant because it indicates the rally is being supported by fresh capital rather than short covering or leveraged speculation alone.

$297.5M
BTC ETF inflow Aug 17
$189.3M
BTC ETF inflow Aug 18

Analysts point out, however, that two strong days do not establish a lasting trend. Sustained ETF demand in the weeks ahead would be far stronger evidence that institutional interest is genuine and not short-lived.

Altcoins confirm breadth of the rally

A healthy sign of the current move is that it is not confined to Bitcoin alone. According to InvestingLive, several major altcoins posted solid daily gains:

  • Solana (SOL): +10.3%
  • XRP: +10.3%, back above the psychologically important $1 threshold
  • Uniswap (UNI): +9.9%
  • Aave (AAVE): +9.8%
  • NEAR Protocol: +9.2%
  • Chainlink (LINK): +8.5%

The speculatively driven TRUMP token surged as much as 21.4% in a single day – confirming elevated risk appetite, but InvestingLive analysts caution against reading too much into it in isolation, as the token remains down more than 63% year-to-date.

The Altcoin Season Index at 44 out of 100 nonetheless suggests we are not yet in a full-blown altseason. Leadership remains selective.

Macro and regulation lifted sentiment

The crypto market also received a tailwind from macroeconomic conditions. As InvestingLive analyst Eamonn Sheridan noted, Treasury Secretary Scott Bessent announced aggressive expansions of long-term Treasury bond buybacks, which sent the 30-year yield lower and pushed the US dollar to new multi-month lows.

Gold rose an unusually sharp 3 percent following the announcement, which analysts interpret as a signal that investors are concerned about the dollar's purchasing power – and are therefore turning to both gold and Bitcoin as stores of value.

In addition, the SEC put forward a framework that could potentially simplify token issuance and capital raising for crypto companies. The proposal is in a 60-day comment period and is far from being finalized. Broader US crypto legislation, including the Clarity Act, remains unresolved in Congress.

What will it take to confirm the rally?

InvestingLive outlines three forms of evidence that together constitute a credible recovery: price recovery above key levels, institutional capital inflows, and broad market participation. August 19 showed progress on all three.

But analysts are clear about the distinction between a sharp short-term rally and a confirmed new bull cycle. Bitcoin is, according to the sources, still down around 20.8% year-to-date and nearly 39% over the past year. Solana and XRP are also deeply negative over these periods.

The key things the market will be watching going forward:

  • Does Bitcoin hold above $66,900 and build acceptance closer to $70,000?
  • Do ETF inflows continue once the initial enthusiasm settles?
  • Does Ethereum maintain relative strength against Bitcoin?

A swift pullback below the breakout level, combined with renewed ETF outflows or fading altcoin participation, would increase the likelihood that this is yet another temporary bounce within a damaged longer-term trend.