Bitcoin Consolidates as Long-Term Holders Accumulate, Resistance at $70,000 Looms

• Bitcoin briefly topped $70,000 before retreating, trading around $69,200.
• Ethereum's ether was stable below $3,800, CoinDesk 20 Index gained 1.6%.
• Market consolidating since March, correction phase nearing an end.
• Long-term holders selling, now re-accumulating BTC since December 2023.
• New BTC and ETH accumulation addresses growing, bullish sentiment increasing.
• $70,000 and $73,000 levels pose resistance, $67,000 level acts as support.

Summary :
Bitcoin briefly reached $70,000 on Monday before falling back into its usual trading range. The cryptocurrency is currently trading at around $69,200, up 2% in the past 24 hours. Ethereum's ether, on the other hand, has remained relatively stable below $3,800. The broader crypto market has been consolidating for over two months since Bitcoin hit a record high above $73,000 in March. Analysts from Bitfinex believe that this consolidation phase is coming to an end, as long-term holders have started accumulating Bitcoin again. The number of new accumulation addresses for both Bitcoin and Ethereum has been increasing, indicating growing bullish sentiment. However, Swissblock warns that resistance levels at $70,000 and $73,000 could cap Bitcoin's price. Short-term pullbacks are seen as buying opportunities, with $67,000 acting as a reliable support level. The upcoming week could be significant, with key inflation data and a Federal Reserve meeting that could bring volatility to the market.

Sources :

- Coindesk