Bitcoin's price has surged to $71,000, approaching a new all-time high, driven by bullish market trends and significant trading volumes. The cryptocurrency's recent performance highlights its volatility and the potential for further gains. Analysts note that the 200-week and 50-week simple moving averages are rising, indicating a bullish market. Despite the optimism, there are concerns about sell-side pressures and market volatility. Historical data shows that Bitcoin has experienced rapid price increases in short periods, such as in 2020 and 2017. Bitcoin is now less than 5% from a new all-time high, with ETFs contributing $280B+ in volume. The MVRV-Z score is at 2.32, projecting a potential top of $225k+, and the 7-week SPX correlation stands at 0.36.