After a relatively stable start to the week, Bitcoin (BTC) faced a reversal in its price, falling below $68,000, influenced by the Securities and Exchange Commission’s (SEC) decision on the approval of exchange-traded funds (ETFs) of Ethereum in sight. However, the price of the largest cryptocurrency rose again today.
Currently, the price of Bitcoin is approaching the $70K level again. During the week, rumors of an imminent approval of an Ethereum spot ETF by the SEC sent the price of BTC soaring to almost $72,000, a peak that had not been seen in almost two months. Although it suffered a significant pullback following the approval of Ethereum ETFs, Bitcoin staged a strong recovery at the start of the weekend.
Analyzing the latest movements in the market, an esteemed cryptocurrency expert recently highlighted that Bitcoin is out of the “danger zone”, however, even with this, the price of Bitcoin could still suffer a drop of approximately 13% from its current value .
“Since Bitcoin’s post-halving “danger zone” ended, Bitcoin has reached $71,500. However, ~$71,500 is where the high resistance band of the macro reaccumulation range is and this is where Bitcoin was rejected. Consolidation continues and history suggests it will continue for a few more weeks between $60,000 and $70,000,” he wrote.
Since the Bitcoin Post-Halving “Danger Zone” ended, Bitcoin broke out to $71500
However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from
The consolidation continues and history suggest it will… https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe
— Rekt Capital (@rektcapital) May 24, 2024
At the time of publication, the price of Bitcoin was quoted at US$69,167.17, up 2.6% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$22,189,897,186. The price of BTC has appreciated by 2.8% in the last seven days.
Bitcoin whales buy US$1.34 billion in 24 hours; BTC on the rise today
Amid the recent fall following the approval of ETFs, Bitcoin whales took the opportunity to add more tokens to their portfolios. Renowned cryptocurrency analyst Ali Martinez has observed significant buying activity among whales of the largest cryptocurrency. In one day, whales purchased $1.34 billion worth of BTC tokens.
“Bitcoin whales are buying the dip! These large BTC holders purchased over 20,000 $BTC in the last 24 hours, worth $1.34 billion, while prices fell below $67,000,” the analyst wrote.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/bitcoin-fora-da-zona-de-perigo-destaca-analista/
