Investing.com – It briefly breached the $70,000 level for the first time in a week on Monday before returning to a familiar trading range while continuing sideways moves.
The largest cryptocurrency by market value was last 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 moving sideways since March, when Bitcoin hit an all-time high of over $73,000.
Bitfinex analysts said in Monday’s market update that this correction phase appears to be coming to an end.
According to the report, sales by long-term Bitcoin holders were the main factor in the correction from its historical highs, but blockchain data indicates that these holders have started to re-accumulate Bitcoin for the first time since December 2023.
Bitfinex analysts, citing CryptoQuant data, added that the number of fresh addresses storing Bitcoin and Ethereum has also increased over the past month, signaling an escalate in bullish sentiment despite stable prices.
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Meanwhile, Swissblock, a cryptocurrency analytics firm, noted that the $70,000 and $73,000 levels are creating significant resistance limiting Bitcoin’s price. Swissblock stated in the report: Short-term pullbacks are treated as buying opportunities, with the $67,000 level proving to be reliable support.
Joshua Lim, co-founder of Arbelos Markets, said the week ahead “could be interesting” with key inflation data and the Federal Reserve meeting likely to escalate volatility in both directions.
