Bitcoin Sees Profit-Taking Around $70K Amid ‘Stubbornly Bullish’ Sentiment
Bitcoin (BTC) dropped to $69,200 early Tuesday after briefly surpassing the $70,000 mark on Monday. The price movement mirrored the broader U.S. stock markets, with some meme stocks and tokens seeing a significant increase due to the return of trader Keith Gill. Crypto exchange Bitfinex suggested that the recent bitcoin slump was due to long-term holders selling, but blockchain data indicates that this trend has halted and investors are now accumulating BTC. On-chain analysis firm CryptoQuant reported that 50% of the long-term bitcoin supply was inactive, a sign of strong long-term conviction that could lead to further price gains. Despite negative headlines about Mt. Gox and the DMM hack, the market sentiment remains bullish. Other cryptocurrencies such as ether (ETH) and dogecoin (DOGE) experienced slight losses, while Cardano’s ADA and Solana’s SOL increased by up to 3%.
