Bitcoin (BTC) experienced a reversal in its price after a stable start to the week, dropping below $68,000 due to the Securities and Exchange Commission’s (SEC) decision on approving spot Ethereum exchange-traded funds (ETFs). However, the price of the largest cryptocurrency has risen again today.
Currently, Bitcoin is approaching the $70,000 level once more. Rumors of the imminent approval of an Ethereum spot ETF by the SEC caused the BTC price to skyrocket to nearly $72,000 during the week, a spike not seen in almost two months. Despite a significant pullback following the approval of Ethereum ETFs, Bitcoin made a strong recovery at the beginning of the weekend.
A respected cryptocurrency expert recently analyzed the latest market movements and highlighted that Bitcoin is now out of the “danger zone”. However, there is still a possibility of a 13% drop in the Bitcoin price from its current value.
“Since Bitcoin’s post-halving ‘danger zone’ ended, Bitcoin 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 is ongoing, and historical data suggests it will continue for a few more weeks between $60,000 and $70,000,” the expert stated.
At the time of publication, the Bitcoin price was quoted at $69,167.17, with a 2.6% increase in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of $22,189,897,186. The BTC price has appreciated by 2.8% in the last seven days.
Bitcoin whales took advantage of the recent drop following the approval of ETFs to add more tokens to their portfolios. Prominent cryptocurrency analyst Ali Martinez observed significant buying activity among the whales of the largest cryptocurrency. In just 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 reported.
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 or trading cryptocurrencies carries a risk of financial loss.
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