Investing.com – briefly surpassed the $70,000 level on Monday for the first time in a week before retreating back to its usual trading range, continuing its sideways moves.
The largest cryptocurrency by market value was recently trading around $68,680, down 1% in the last 24 hours, while (ETH) fell to just under $3,800.
Bitcoin and the broader cryptocurrency market have spent more than two months in sideways moves since March, when Bitcoin hit a record high of over $73,000.
Bitfinex analysts stated in a market update on Monday that this correction phase appears to be coming to an end.
According to the report, sales by long-term Bitcoin holders were a major factor in the correction from their all-time highs, but blockchain data indicates that these holders have begun to re-accumulate Bitcoin for the first time since December 2023.
Bitfinex analysts, citing data from CryptoQuant, added that the number of new addresses owning Bitcoin and Ethereum has also increased over the past month, indicating growing bullish sentiment despite stable prices.
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Meanwhile, Swissblock, a cryptocurrency analysis company, noted that the $70,000 and $73,000 levels form significant resistance capping Bitcoin price. Swissblock stated in a report: Short-term pullbacks are treated as buying opportunities, and the $67,000 level proves to be reliable support.
Joshua Lim, co-founder of Arbelos Markets, said next week “could be interesting to watch” with key inflation data and the Federal Reserve meeting potentially fueling volatility in either direction.
