Bitcoin Reaches for $70k Again Amid Economic Data and Global Tensions

Bitcoin's latest surge towards $70,000 has left investors and traders alike wondering if the cryptocurrency is set to reach new heights or face a correction phase.

The rally was sparked by strong US manufacturing data, which showed factory activity still growing despite some slowdown in new orders. This positive surprise lifted risk assets like crypto, with Bitcoin breaking out of its tight $64,000 to $70,000 range and hitting $68,306 before pulling back.

However, not all news was good, as rising tensions between the US and Iran, plus Middle East conflicts, hurt risk assets and pushed investors towards safer bets. Oil prices spiked on supply fears, gold rallied as a safe haven, and the US dollar index hit 98.72 amid inflation worries.

Despite the dip, Bitcoin's structure is stronger now, with less retail leverage and steady institutional buys. On-chain metrics still show some bearish pressures, but experts note that this setup echoes early 2022, where short rallies after shocks were followed by deeper drops.