A significant milestone has been achieved in the cryptocurrency market as Bitcoin soared to an unprecedented high on a crucial chart. Illustrating the macroeconomic forces fueling Bitcoin's current bullish trajectory, the chart under scrutiny depicts the correlation between global liquidity (M2) and the cryptocurrency's price. Bitcoin is currently valued at approximately $70,868, indicating a clear upward trend. The chart reveals a strong bullish pattern characterized by consecutive higher highs and lows, with moving averages serving as key technical indicators pointing towards further upward momentum.

Breaking through significant resistance levels, the price of Bitcoin has consolidated above $70,000, bolstered by increasing trading volumes that signal robust buying interest. A broader perspective is provided by another chart showing Bitcoin's price in relation to global liquidity. With an astounding $94 trillion in global liquidity, Bitcoin's price closely mirrors this metric. Historically, surges in Bitcoin's value have often coincided with rises in global liquidity, underscoring its role as a store of value and hedge against inflation amidst loose monetary policies.

The surge in global liquidity can be attributed to aggressive monetary measures by central banks in response to economic challenges. Investors are turning to Bitcoin as a safeguard against potential devaluation of fiat currencies due to the massive influx of money into the global economy. The market's growing faith in Bitcoin's enduring value proposition is evident in the cryptocurrency's price surge, driven by the influx of liquidity. Technical analysis highlights multiple bullish signals on Bitcoin's price chart.

The daily chart's moving averages further confirm the bullish trend, with the 50-day moving average surpassing the 200-day moving average. Moreover, the volume trends, with higher volumes on upward days compared to downward days, align with the price action.