Bitcoin is approaching a critical level near its 200-day SMA, which could potentially signal a bullish breakout and lead to a price surge to $70,000. Recent institutional interest and the approval of a Bitcoin ETF are seen as factors that could fuel another rally. Traders are being cautious near this key level, as reflected in the liquidation of long positions totaling $16.42 million. A sustained move above the 200-day SMA could initiate a fresh bull run, attracting more investors into the market.



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