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Writer's picturemeowdini
Jun 42 min read

Bitcoin Knocks on $70K Level: Bitfinex Hopeful as Selling Pressure Subsides

Bitcoin (BTC) has once again flirted with the $70,000 mark, indicating a potential end to the correction phase that has dominated the market since March. According to a recent report by Bitfinex, long-term holders are beginning to re-accumulate BTC, suggesting a renewed bullish sentiment.


A bitcoin on a dark backround

Key Points

  • Bitcoin's Price Movement: Bitcoin briefly surpassed $70,000 on Monday before settling back to approximately $69,200, marking a 2% increase in 24 hours.

  • Market Consolidation: Since March, Bitcoin has been consolidating after hitting a record high of over $73,000. The broader crypto market has also experienced similar consolidation.

  • Bitfinex Report: Bitfinex analysts indicate that the correction phase driven by long-term holders selling their BTC is nearing its end. Blockchain data shows these holders have started re-accumulating BTC for the first time since December 2023.

  • Accumulation Trends: The number of new Bitcoin and Ethereum accumulation addresses has been rising, highlighting growing bullish sentiment despite recent price stability, according to CryptoQuant data.

  • Resistance and Support Levels: Swissblock notes significant resistance levels at $70,000 and $73,000. The $67,000 level has provided reliable support, with short-term pullbacks viewed as buying opportunities.

  • Future Volatility: The upcoming week could see increased volatility due to key inflation data and a Federal Reserve meeting, which may impact market directions, as noted by Joshua Lim, co-founder of Arbelos Markets.



Bitcoin's recent movement towards $70,000 and the renewed accumulation by long-term holders suggest a potential end to the correction phase. As investors regain confidence, the market may be poised for a new upward trajectory. However, key economic events in the coming week could introduce volatility, making it a critical period for market watchers.



This article provides an overview of the current state of Bitcoin, including recent price movements, market analysis from Bitfinex, and future predictions based on upcoming economic events.

Bitcoin touches $70,000 again as selling pressure from long-term holders eases. Bitfinex reports renewed BTC accumulation, signaling potential bullish momentum.


Source: Coindesk

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