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Bitcoin Knocks on $70K Door as Bitfinex Sees Selling Pressure Easing


Bitcoin briefly surpassed $70,000 before retreating to its familiar trading range, while Bitfinex analysts suggest the correction phase may be nearing an end, citing data that long-term holders are re-accumulating BTC.

Why It Matters

The potential end of the correction phase and the re-accumulation by long-term holders could signal a shift in market sentiment, which may lead to renewed bullish momentum for Bitcoin and the broader crypto market.

By the Numbers

  • Bitcoin recently traded around $69,200, up 2% over the past 24 hours
  • Ethereum’s ether (ETH) was little changed, slightly below $3,800
  • The CoinDesk 20 Index gained 1.6% over the past 24 hours
  • Bitcoin and the crypto market have been consolidating for more than two months since BTC hit a record price above $73,000 in March

What’s Next

The upcoming week could be interesting to watch, with key inflation data and a Federal Reserve meeting that could fuel volatility in either direction for the crypto market.

The Big Picture

The growing number of new bitcoin and ether accumulation addresses over the past month, despite the price stability, suggests increasing bullish sentiment among investors. As the correction phase potentially nears its end, the crypto market may be poised for a new wave of growth, with short-term pullbacks being viewed as buying opportunities.

What do you think about the potential end of the correction phase and the re-accumulation by long-term holders? Do you believe this could lead to a new bull run for Bitcoin and the crypto market? Leave a comment below with your thoughts.

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