The cryptocurrency market has needed more than two months to consolidate since March, when the price of BTC reached a record $73K.
According to Bitfinex analysts, the correction phase is coming to an end. Sales by long-term cryptocurrency holders have become a key reason for BTC’s correction from record highs, but blockchain data points to repeated accumulation for the first time since December 2023.
The number of new BTC and ETH accumulation addresses has also increased over the past month, which is a sign of strengthening bullish sentiment.
Cryptanalytic firm Swissblock noted that the $70K and $73K levels represent significant resistance limiting the price of BTC.
The Swissblock report notes that short-term pullbacks are seen as buying opportunities, with the $67Л level proving to be a reliable support.
According to Joshua Lim, co-founder and chief trader of crypto derivatives at Arbelos Markets, next week may be interesting to watch with the publication of key inflation data and the Federal Reserve meeting, which may increase volatility in any direction.