Bitcoin surged to a fresh all-time high, reaching $70,136 amidst optimistic US job data suggesting potential rate cuts. However, this euphoria was short-lived as intense selling pressure swiftly drove the price down by over 3% to $66,500 within an hour, mirroring broader market volatility. Currently, Bitcoin trades at $67,890, with recent fluctuations causing $181.5 million in liquidations.

Notably, a substantial volume of sell orders on major exchanges acted as a formidable barrier, stalling further price gains beyond $70,000. Analysts link the initial surge to positive US economic sentiment and the debut of spot Bitcoin ETFs, underscoring the increasing alignment of crypto markets with traditional finance.

As Bitcoin's rally coincides with a weaker US dollar, attention turns to the Fed's impending interest rate decision on March 20, with macroeconomic indicators expected to shape Bitcoin's trajectory.