Bitcoin Knocks on $70K Level; Bitfinex Hopeful Selling Pressure That Sparked a Correction Is Ending

Bitcoin

(BTC)
briefly
topped
$70,000
Monday
for
the
first
time
in
a
week
before
retreating
to
its
familiar
trading
range,
continuing
its
sideways
price
action.

The
largest
crypto
by
market
capitalization
recently
changed
hands
at
around
$69,200,
up
2%
over
the
past
24
hours,
while
Ethereum’s
ether

(ETH)
was
little
changed
slightly
below
$3,800.
The
broad-market

CoinDesk
20
Index
gained
1.6%
over
the
past
24
hours.

Bitcoin
and
the
broader
crypto
market
have
spent
more
than
two
months
consolidating
since
March,
when
BTC
hit
a
record
price
above
$73,000.

“This
correction
phase
now
appears
to
be
nearing
an
end,”
Bitfinex
analysts
said
in
a
Monday
market
update.

According
to
the

report,
selling
by
long-term
holders
was
a
key
reason
for
bitcoin’s
correction
from
all-time
highs,
but
blockchain
data
suggests
that
these
holders
have
started
to
re-accumulate
BTC
for
the
first
time
since
December
2023.

The
number
of
new
bitcoin
and
ether
accumulation
addresses
has
also
been
growing
over
the
past
month,
a
sign
of
increasing
bullish
sentiment
despite
the
price
stability,
Bitfinex
analysts
added,
citing
CryptoQuant
data.

Crypto
analytics
firm
Swissblock
noted
that
the
$70,000
and
$73,000
levels
pose
significant
resistance
capping
BTC’s
price.
“Short-term
pullbacks
are
being
treated
as
buying
opportunities,
with
the
$67,000
level
proving
to
be
a
reliable
support,”
Swissblock
said
in
a
report.

The
next
week
“could
be
an
interesting
one
to
watch”
with
key
inflation
data
release
and
Federal
Reserve
meeting
that
could
fuel
volatility
in
either
direction,
Joshua
Lim,
co-founder
of
crypto
derivatives
principal
trader
Arbelos
Markets,
told
CoinDesk.

Read
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