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The start of a new rally? From Investing.com
Investing.com – It briefly broke above the $70,000 level on Monday for the first time in a week, before retreating into its familiar trading range, continuing its sideways moves.
The largest cryptocurrency by market value recently traded around $68,680, down 1% over the past 24 hours, while (ETH) fell just below $3,800.
Bitcoin and the broader cryptocurrency market have spent more than two months in sideways movements since March, when Bitcoin hit a record high above $73,000.
Bitfinex analysts said in a market update on Monday that this correction phase now appears to be nearing an end.
According to the report, selling by long-term Bitcoin holders was a major factor in the correction from all-time highs, but blockchain data indicates that these holders have begun accumulating Bitcoin for the first time since December 2023.
Bitfinex analysts, citing data from CryptoQuant, added that the number of new addresses holding Bitcoin and Ethereum has also increased over the past month, signaling growing bullish sentiment despite stable prices.
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Meanwhile, Swissblock, a cryptocurrency analytics firm, noted that the $70,000 and $73,000 levels form significant resistance limiting Bitcoin’s price. Swissblock said in a report: Short-term pullbacks are treated as buying opportunities, with the $67,000 level proving 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 likely to fuel volatility in either direction.