Bitcoin has surpassed the $70,000 level, the selling pressure is ending.

After surpassing $70,000 yesterday, #Bitcoin (BTC) retreated into its familiar trading range and continued its sideways price movement.

The largest cryptocurrency by market cap is priced around $69,000 at the time of writing, up 2 percent in the last 24 hours, while Ethereum's native token #Ether (ETH) is hovering just under $3,800. CoinDesk 20 Index gained 1.6% in the last 24 hours.

Bitcoin and the overall crypto market have been trading consolidated for more than two months since March, when #BTC reached a record price of over $73,000.

"The correction phase seems to be nearing its end," Bitfinex analysts said in their market report published yesterday. said.

According to the report, selling by long-term holders was one of the major reasons why Bitcoin fell from all-time highs. However, blockchain data shows that these holders have started accumulating #BTC again for the first time since December 2023.

Citing CryptoQuant data, Bitfinex analysts added that the number of new Bitcoin and Ether accumulation addresses increased last month, indicating an upward trend despite price stability.

Crypto analysis firm Swissblock stated that the $70,000 and $73,000 levels constitute a significant resistance limiting the BTC price. "Short-term pullbacks are considered buying opportunities, with the $67,000 level proving to be a reliable support," Swissblock said in its report. statements were included.

Joshua Lim, co-founder of crypto derivatives trader Arbelos Markets, said in an interview with CoinDesk that next week "could be an interesting week to wait" due to the release of inflation data and the Fed meeting, which could increase volatility in both directions.
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