Bitcoin's price has surged by more than 2%, sparking optimism among analysts who foresee a bullish trend pushing BTC towards the $74,000 milestone. Alongside this price surge, on-chain data also supports a positive outlook for Bitcoin's trajectory.

The flagship cryptocurrency's recent 2% surge has captured market attention and heightened trading activity, signaling growing interest in Bitcoin. This surge comes amidst increased traction following the approval of Bitcoin ETFs and the Bitcoin halving event, further bolstering confidence in the digital asset.

Analyst Ali Martinez has identified a bullish pattern for Bitcoin, noting a potential breakout from a symmetrical triangle formation. Martinez's analysis suggests that if Bitcoin can close above the crucial $69,330 resistance level, it could trigger a rally towards $74,400, indicating significant upside potential for BTC's price movement.

In alignment with this optimistic forecast, on-chain data from IntoTheBlock highlights a steady momentum for Bitcoin around the $69,000 mark, driven by heightened demand from investors. The data reveals a strong accumulation zone between $66,900 and $68,900, with over 2 million addresses holding approximately 1.1 million Bitcoin in this range, indicating robust support levels and a solid foundation for potential price appreciation.

The convergence of technical analysis and on-chain metrics suggests a promising outlook for Bitcoin's price trajectory. Maintaining a position above the critical resistance level of $69,330 could pave the way for a surge towards $74,000 and beyond, with investors closely monitoring these levels as key indicators of Bitcoin's future direction.

The current market sentiment remains positive, buoyed by significant events and developments such as the approval of U.S. Spot Bitcoin ETFs, which have opened doors for institutional investment, enhancing market liquidity and credibility. As of the latest data, Bitcoin's price has risen by 2.04% to $69,056.03, reaching a 24-hour high of $69,313.26. The substantial 119.15% surge in trading volume to $24.29 billion over the past 24 hours reflects the growing focus of traders on Bitcoin.