Can Bitcoin Surpass the 70% Year-to-Date, Mark?

Bitcoin (BTCUSD), the leading cryptocurrency, has garnered significant attention amid its remarkable performance in the financial markets.  

With a staggering 70% year-to-date gain, Bitcoin stands out among risk assets, showcasing its potential as a lucrative investment avenue. Despite setting a new all-time high in March, Bitcoin experienced a temporary setback, plunging as much as 17% from its peak. However, demonstrating its resilience, the cryptocurrency swiftly rebounded, reclaiming the $70,000 mark. 

In the weeks ahead, the spotlight remains firmly on cryptocurrencies, particularly with the anticipation surrounding Bitcoin’s upcoming halving event. Scheduled every four years, this event, which slashes the issuance of new tokens in half, historically triggers heightened volatility in the market. Additionally, market participants are closely monitoring U.S. inflation data and the release of the FOMC Minutes this week, recognizing their potential impact on overall risk sentiment. 


BTCUSD, amidst an uptrend, exhibits robust price action, trading above its 100-day moving average within an ascending channel pattern. Resistance looms at the all-time high of 73835.57, while support rests at the channel’s lower boundary at 68880.13. Beginning the week with a strong 4% surge, the day’s high at 72624.28 signals bullish momentum. 

A breach of the day’s high on significant volumes could signify sustained bullish sentiment, potentially targeting the all-time high as a feasible upside objective. Conversely, a sustained reversal might pave the way to retest the 68880.13 support level, presenting an alternative scenario. 

Market sentiment remains pivotal, with traders closely monitoring key technical levels and volume dynamics to gauge the current trend’s strength. As BTCUSD continues its ascent, investors remain attuned to potential breakout or reversal signals, navigating the evolving landscape of the cryptocurrency market with vigilance. 


As Bitcoin maintains its uptrend, surpassing the 70% year-to-date mark remains a possibility. Key technical levels, such as resistance at 73835.57 and support at 68880.13, guide investors’ decisions amid heightened market volatility. Vigilance is paramount as BTCUSD navigates the cryptocurrency landscape with resilience. 

Sources: Reuters, CoinTelegraph, TradingView 

Piece Written By Nkosilathi Dube, Trive Financial Market Analyst 

Disclaimer: Trive South Africa (Pty) Ltd (hereinafter referred to as “Trive SA”), with registration number 2005/011130/07, is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002. Trive SA is authorised and regulated by the South African Financial Sector Conduct Authority (FSCA) and holds FSP number 27231. Trive Financial Services Ltd (hereinafter referred to as “Trive MU”) holds an Investment Dealer (Full-Service Dealer, excluding Underwriting) Licence with licence number GB21026295 pursuant to section 29 of the Securities Act 2005, Rule 4 of the Securities Rules 2007, and the Financial Services Rules 2008. Trive MU is authorized and regulated by the Mauritius Financial Services Commission (FSC) and holds Global Business Licence number GB21026295 under Section 72(6) of the Financial Services Act. Trive SA and Trive MU are collectively known and referred to as “Trive Africa”.

Market and economic conditions are subject to sudden change which may have a material impact on the outcome of financial instruments and may not be suitable for all investors. Trive Africa and its employees assume no liability for any loss or damage (direct, indirect, consequential, or inconsequential) that may be suffered. Please consider the risks involved before you trade or invest. All trades on the Trive Africa platform are subject to the legal terms and conditions to which you agree to be bound. Brand Logos are owned by the respective companies and not by Trive Africa. The use of a company’s brand logo does not represent an endorsement of Trive Africa by the company, nor an endorsement of the company by Trive Africa, nor does it necessarily imply any contractual relationship. Images are for illustrative purposes only and past performance is not necessarily an indication of future performance. No services are offered to stateless persons, persons under the age of 18 years, persons and/or residents of sanctioned countries or any other jurisdiction where the distribution of leveraged instruments is prohibited, and citizens of any state or country where it may be against the law of that country to trade with a South African and/or Mauritius based company and/or where the services are not made available by Trive Africa to hold an account with us. In any case, above all, it is your responsibility to avoid contravening any legislation in the country from where you are at the time.

CFDs and other margin products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. See our full Risk Disclosure and Terms of Business for further details. Some or all of the services and products are not offered to citizens or residents of certain jurisdictions where international sanctions or local regulatory requirements restrict or prohibit them.