Bitcoin Price Fluctuates Around $70K Amid Strong Long-Term Conviction
- Bitcoin price is hovering around the $70,000 mark with potentials to break through on strong fundamentals.
- The Bitcoin performance has triggered a broader mixed market sentiment.
Bitcoin (BTC), the world’s largest cryptocurrency is currently fluctuating around $70,000 amid long-term holder conviction. This recent movement is notable as Bitcoin has been stalling between $65,000-$68,000 since it slumped in March.
Bitcoin Crosses $70,000
According to data from MarketCap, Bitcoin’s price soared over the $70,000 mark late Monday. However, the price slid back to $69,200 early Tuesday morning. This retreat is likely due to profit-taking following the strong rally.
The broader crypto market mimics this trend, with mixed price action across major digital assets. Moreover, Bitcoin’s price movements appeared to correlate with U.S. stock markets, suggesting investors are taking calculated risks across asset classes.
A report from Bitfinex crypto exchange attributes Bitcoin’s price slump since March to selling pressure from long-term investors. Blockchain data, however, indicates that the trend has stopped and that investors are instead accumulating Bitcoin once again.
Despite the temporary dip, analysts remain optimistic about Bitcoin’s future growth. CryptoQuant, a popular on-chain analytical firm, reports that 50% of the long-term Bitcoin supply was inactive, suggesting strong conviction among long-term holders. This could potentially lead to further price increases for Bitcoin.
Singapore-based QCP Capital noted a persistent bullish sentiment even with events like the Mt. Gox saga and the DMM Bitcoin hack. They believe this bullishness will continue, fueled by anticipation of a potential Ethereum spot ETF, which could attract new investors.
Per Crypto News Flash’s earlier announcement, Invesco Galaxy, Franklin Templeton, and VanEck recently amended their S-1 forms with the SEC. Additionally, speculation about increased long positions in other major cryptocurrencies suggests expectations of further ETF approvals, potentially boosting the entire market.
In the meantime, Monochrome Asset Management has launched Australia’s first spot Bitcoin ETF. This development could fuel further momentum in Bitcoin’s price, according to a prior report by Crypto News Flash.
At press time, BTC is trading at $69.306, demonstrating a 0.38% decrease in the past day. At the same time, the trading volume increased by 16.6% to $28.5 billion, while the market cap is standing at $1.3 trillion.
Mixed Price Reaction from Altcoin
While BTC took a breather, other major altcoins displayed varied performances. For example, Ethereum (ETH) and Dogecoin (DOGE) experienced slight losses of 1.4% and 1.59% respectively, within the past day. According to this movement, ETH is now trading at $3,758, and DOGE, at $0.1589. On the other hand, Cardano (ADA) and Solana (SOL) experienced slight gains of 0.4% and 0.3% respectively.
Meanwhile, a crypto analyst predicted that two altcoin projects, ETFSwap (ETFS) and Retik Finance (RETIK) could follow in Bitcoin’s footsteps to reach new ATHs in the upcoming bull market. Across the memecoin market, Floki Inu (FLOKI) soared by over 10%, while Shiba Inu’s (SHIB) price fell by 4.9%.
