The Bitcoin uptrend remains, looking at events in the daily chart. Bitcoin is trading above the $66,800 levels with a clear bias to the upsides. As it is, the coin is up roughly 3% in the last 24 hours, extending gains by 15% in the previous week of trading.

With the trend remaining and traders looking to add to their longs, it appears that the immediate targets will be at $70,000. So far, more capital is flowing to Bitcoin and crypto, signaling investor and trader interest.

Looking at coin trackers, the overall crypto market cap is up roughly 3% for the day, pushing valuation to over $2.5 trillion. Even so, this is a contraction from yesterday when market cap added 4% over 24 hours. At this level, Bitcoin is the dominant coin, controlling 52.5% of the total market share, a slight drop from 52.7% of March 4.

Traders are nonetheless concerned, and are upbeat. Still, there are fundamental factors to consider in the short term.

Some of them include:

Altcoin boom: At spot levels, BTC/USD might not post 10X in the next couple of weeks or months. These opportunities are presented by altcoins, especially meme coins as seen with the boom in PEPE, FLOKI, and BONK. Accordingly, though institutions will continue doubling down on BTC, retailers will look to ride the meme coin wave as seen with the sharp expansion in meme coin industry’s valuation.

Regulations: Focus is on the United States where the Securities and Exchange Commission (SEC) scored a win against a former Coinbase employee. A judge ruled that altcoins traded in secondary exchanges are unregistered securities. This is a blow for unconfirmed altcoins but a win for Bitcoin. SEC officials have so far endorsed BTC as a commodity while not clarifying the status of other altcoins.

Bitcoin Price Analysis

The tables are tilted, favoring Bitcoin.

However, after the extended rally, bulls found a wall earlier today.

It is yet to be seen whether buyers will find strength to overcome this dump. Presently, the long lower wick suggest upside momentum. But, the break above $68,700 will confirm the presence of buyers, offering potential entries for traders targeting $70,000 and new highs.

Immediate support lies at around $64,000. A high volume dump below this level might invalidate the bullish preview, setting BTC to a retest of $53,000.