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.
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.
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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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