Bitcoin Briefly Hits $70k as Selling Pressure Eases

TL;DR

• BTC briefly touched the $70k mark on Monday before retracing just below $69k.

• Market analysts are optimistic that BTC’s selling pressure is on the decline.

BTC Touches $70k Before Slight Reversal

Bitcoin, the world’s leading cryptocurrency by market cap, is showing signs of recovery following its recent gains. BTC is up by less than 1% in the last 24 hours and is currently trading above $69k per coin.

It surged past the $70k mark on Monday but couldn’t maintain its upward momentum, dropping below $69k soon after. While there is no sustainable upward momentum in the market at the moment, market analysts are optimistic that the recent selling pressure on BTC is coming to an end soon. 

In a recent report, cryptocurrency exchange Bitfinex pointed out that BTC’s slump since March was driven by long-term holders selling. However, blockchain data indicated that the trend has stalled and investors are now accumulating bitcoins.

"This correction phase now appears to be nearing an end," Bitfinex analysts said in a Monday market update.

Crypto analytics firm Swissblock added that there are significant resistance levels at $70,000 and $73,000. The firm said,

"Short-term pullbacks are being treated as buying opportunities, with the $67,000 level proving to be a reliable support."

While speaking to CoinDesk Joshua Lim, co-founder of crypto derivatives principal trader Arbelos Markets believes next week could be an interesting one for the market, with key inflation data release and a Federal Reserve meeting that could determine volatility. 

Altcoins are also experiencing mixed performances, with Ether down by 1.7% in the last 24 hours. At press time, Ether’s price stands at $3,765. The total cryptocurrency market cap stands at $2.56 trillion, up by less than 1% in the last 24 hours.