Bitcoin Knocks on $70K Level; Bitfinex Hopeful Selling Pressure That Sparked a Correction Is Ending
Bitcoin briefly surpassed $70,000 on Monday for the first time in a week before returning to its usual trading range. The largest cryptocurrency by market capitalization was trading at around $69,200, up 2% over the past 24 hours. Ethereum's ether was slightly below $3,800. The CoinDesk 20 Index increased by 1.6% over the past 24 hours. Bitcoin and the broader crypto market have been consolidating since March when Bitcoin hit a record price above $73,000. Bitfinex analysts suggest that the correction phase is nearing an end. They attribute the correction from all-time highs to selling by long-term holders, who have begun to re-accumulate Bitcoin for the first time since December 2023. The number of new Bitcoin and ether accumulation addresses has been growing over the past month, indicating increasing bullish sentiment. Swissblock noted that the $70,000 and $73,000 levels pose significant resistance to Bitcoin's price. The upcoming week could be volatile due to key inflation data release and a Federal Reserve meeting.
