briefly topped $70,000 Monday for the first time in a week before retreating to its familiar trading range, continuing its sideways price action.
The largest crypto by market capitalization recently changed hands at around $69,200, up 2% over the past 24 hours, while Ethereum's etherBitcoin and the broader crypto market have spent more than two months consolidating since March, when BTC hit a record price above $73,000., selling by long-term holders was a key reason for bitcoin's correction from all-time highs, but blockchain data suggests that these holders have started to re-accumulate BTC for the first time since December 2023.
The number of new bitcoin and ether accumulation addresses has also been growing over the past month, a sign of increasing bullish sentiment despite the price stability, Bitfinex analysts added, citing CryptoQuant data.Crypto analytics firm Swissblock noted that the $70,000 and $73,000 levels pose significant resistance capping BTC's price.
The next week"could be an interesting one to watch" with key inflation data release and Federal Reserve meeting that could fuel volatility in either direction, Joshua Lim, co-founder of crypto derivatives principal trader Arbelos Markets, told CoinDesk.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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Bitcoin price loses steam, but futures markets forecast upside above $70KBitcoin price gave back the bulk of its recent gains but derivatives data show bulls still angled toward prices in the $70,000 range.
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