Bitcoin price action.
Bitcoin climbed in the past week to within 2.5% of the all-time high of $73,798 set in mid-March fueled by rising demand for exchange-traded funds (ETFs). At the time of writing, Bitcoin traded at $69,711, up almost 161% yearly.
This year's boom accelerated after the Securities and Exchange Commission allowed ETFs that invest directly in Bitcoin in January. In May, the regulator took a step toward authorizing comparable spot Ethereum ETFs.
As Bitcoin weighs its next price move, Ali, a crypto analyst, noted that it is anchored in a strong support zone between $69,380 and $67,350. This is where 1.97 million addresses acquired 964,000 BTC, and holding this level might be crucial for BTC to sustain its upward momentum.
In a bullish undertone, Ali reported that approximately 22,647 BTC, worth over $1.57 billion, were recently withdrawn from crypto exchanges.
