Markets
Bitcoin (BTC) Price Approaches $70,000 as Growing Accumulation Points to Near Breakout, Bitfinex Says
Bitcoin (BTC) briefly topped $70,000 on Monday for the first time in a week before retreating back into its familiar trading range, continuing its sideways price action.
The largest crypto by market cap recently changed hands at around $69,200, up 2% in the past 24 hours, while Ethereum’s ether (ETH) was little changed, slightly below $3,800. The vast market CoinDesk 20 Index gained 1.6% in the last 24 hours.
Bitcoin and the broader crypto market have spent more than two months consolidating since March, when BTC hit an all-time high price above $73,000.
“This correction phase now appears to be coming to an end,” Bitfinex analysts said in a market update on Monday.
According to reportselling by long-term holders has been a major reason for bitcoin’s correction from all-time highs, but blockchain data suggests these holders have started re-accumulating BTC for the first time since December 2023 .
The number of new Bitcoin and Ether accumulation addresses has also increased over the past month, a sign of growing bullish sentiment despite 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 the BTC price. “Short-term pullbacks are treated as buying opportunities, with the $67,000 level proving to be reliable support,” Swissblock said in a report.
Next week “could be interesting to watch” with the release of key inflation data and the Federal Reserve meeting that could fuel volatility in either direction, said Joshua Lim, co-founder of the leading derivatives trader Arbelos Markets, at CoinDesk.