Investing.com - Bitcoin briefly surpassed the $70,000 level on Monday for the first time in a week before retreating to its familiar trading range, continuing its sideways movements.
The largest cryptocurrency by market value was recently trading around $68,680, down 1% over the past 24 hours, while Ethereum (ETH) dropped to just below $3,800.
Bitcoin and the broader cryptocurrency market have spent more than two months in sideways movements since March, when Bitcoin reached a record high of over $73,000.
Bitfinex analysts stated in a market update on Monday this correction phase now appears to be nearing its end.
According to the report, selling by long-term Bitcoin holders was a major factor in the correction from its all-time highs, but blockchain data indicates that these holders have started to re-accumulate Bitcoin for the first time since December 2023.
Bitfinex analysts, citing CryptoQuant data, added that the number of new addresses holding Bitcoin and Ethereum has also increased over the past month, signaling rising bullish sentiment despite stable prices.
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Meanwhile, Swissblock, a cryptocurrency analytics firm, noted that the $70,000 and $73,000 levels form significant resistance capping Bitcoin's price. Swissblock stated in a report: Short-term pullbacks are treated as buying opportunities, with the $67,000 level proving to be reliable support.
Joshua Lim, co-founder of Arbelos Markets, said the coming week "could be interesting to watch" with key inflation data and the Federal Reserve meeting that could fuel volatility in either direction.