Bitcoin climbs back above $70K: Could it swing even higher?

Bitcoin (BTC-USD) has re-entered the $70,000 stratosphere, the cryptocurrency recovering after reaching its record high and falling off earlier this month.

Yahoo Finance Senior Markets Reporter Jared Blikre shares his observations on bitcoin's upward price trajectory, while also taking a look at ethereum (ETH-USD) and gold's (GC=F) own movements to higher prices.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

SEANA SMITH: Bitcoin on the rebound, topping $70,000 after sliding under $60,000 last week. And this comes after US spot ETFs saw outflows of nearly $900 million.

Here to break it all down the Bitcoin moves that we're seeing, our very own "Yahoo Finance's" Jared Blikre is here in the newsroom with a look. Jared?

JARED BLIKRE: Yes. Thank you, Seana. Let's go to the Y-Fi Interactive. Chart is worth a thousand words. And I think a collective sigh of relief is being led out here, because-- let me show you the three-year chart. We came up. We exceeded the prior highs by just a little bit. And as Bitcoin is known to do, it reversed on a dime.

So let me show you the one-month price action. And you can see, here, we did-- we sold off pretty hard from here into the low 60s. But we have now rebounded. And all this looks like is a little bit of consolidation.

I'm going to put a longer-term chart in one more time. Here's the five-year. You can see, after coming up here, it would be perfectly normal to pause a little bit before moving on. And we have to be also open to the possibility that we head south again.

But I think as long as $60,000 holds, that's going to keep the bulls pretty comfortable in their positions here, not the least of which is to say the hodlers. So here's Ethereum. It hasn't quite exceeded its highs. It's got up to about $4,000 a couple of days ago. Still trying to exceed that.

So very similar chart situation there. But I want to move on to gold, as well, because that's something we've been tracking. GC=F, that is the ticker we're looking for. We're having a little bit of a technical difficulty here. There we go.

And let's see if we can find-- gold was trading above $2,100 per contract unit. Here we go. It's up half a percent. So here's the overnight price action. Here is the year-to-date.

Anything above these levels here has been a record high. So it's been another run for gold. And as you can see, it's simply been consolidating by recent highs. So it makes you wonder where that next leg up. If it materializes, at what price level it will be able to realize?

SEANA SMITH: All right. Critical levels that we will keep an eye out for. Jared, thanks so much.