Bitcoin Sees Expected Rise Signal, Selling Pressure May End, Say Analysts
Bitcoin, the leading cryptocurrency, began the week on a positive note, reaching above $70,000. However, it was not able to sustain this level and fell to $69,000. The decline in Bitcoin since its all-time high in March has been attributed to the selling pressure from long-term BTC holders, according to analysts from Bitfinex.
Despite the recent decline, on-chain data suggests that the downward trend in Bitcoin may be coming to an end. Investors are now accumulating BTC, marking the first time since December 2023. This accumulation is seen as a positive sign for the cryptocurrency market.
In addition to Bitfinex, Swissblock analysts also noted that the $70,000 and $73,000 levels are important resistance levels for Bitcoin. Short-term pullbacks from these levels are considered buying opportunities, while the $67,000 level is seen as strong support.
Furthermore, CryptoQuant, an on-chain analysis firm, reported that 50% of the long-term Bitcoin supply remains inactive. This lack of movement suggests strong long-term belief in Bitcoin, which could lead to further price gains.
Please note that this article does not provide investment advice.
