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Bitcoin Knocks on $70K Level; Bitfinex Hopeful Selling Pressure That Sparked a Correction Is Ending
Bitcoin's slump since March was driven by long-term holders selling, but blockchain data shows the trend has stalled and investors are accumulating BTC, Bitfinex said in a report.
Updated Jun 3, 2024, 9:26 p.m. Published Jun 3, 2024, 9:26 p.m.
Bitcoin 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 ether was little changed slightly below $3,800. The broad-market CoinDesk 20 Index gained 1.6% over the past 24 hours.
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Bitcoin and the broader crypto market have spent more than two months consolidating since March, when BTC hit a record price above $73,000.
"This correction phase now appears to be nearing an end," Bitfinex analysts said in a Monday market update.
According to the report, 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. "Short-term pullbacks are being treated as buying opportunities, with the $67,000 level proving to be a reliable support," Swissblock said in a report.
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.
Read more: Bitcoin Breaks to Low End of Trading Range, but June Data Could Be Next Catalyst
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
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- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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