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

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

cryptovert June 4, 2024 2 min read

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.

New BTC and ETH accumulation addresses rising over the past month (Bitfinex via CryptoQuant)

New
BTC
and
ETH
accumulation
addresses
rising
over
the
past
month
(Bitfinex
via
CryptoQuant)

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
more:




Bitcoin
Breaks
to
Low
End
of
Trading
Range,
but
June
Data
Could
Be
Next
Catalyst

Edited
by
Nick
Baker.

Continue Reading

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