After experiencing a relatively stable start to the week, the price of Bitcoin (BTC) took a turn and dropped below $68,000 due to the Securities and Exchange Commission’s (SEC) decision on approving spot Ethereum exchange-traded funds (ETFs). However, the largest cryptocurrency has seen a resurgence in price today.
Currently, Bitcoin’s price is approaching the $70,000 mark once again. Throughout the week, rumors of the SEC’s imminent approval of an Ethereum spot ETF caused the price of BTC to skyrocket to nearly $72,000, a surge that hadn’t been witnessed in nearly two months. Despite experiencing a significant pullback after the approval of Ethereum ETFs, Bitcoin made a strong recovery at the beginning of the weekend.
A respected cryptocurrency expert analyzed the recent market movements and stated that Bitcoin is now out of the “danger zone.” However, even with this positive development, there is still a possibility that the price of Bitcoin could drop by approximately 13% from its current value.
“Since Bitcoin’s post-halving ‘danger zone’ ended, Bitcoin reached $71,500. However, around $71,500 is where the high resistance range of the macro reaccumulation range is, and this is where Bitcoin faced rejection. Consolidation is ongoing, and historical data suggests that it will continue for a few more weeks between $60,000 and $70,000,” the expert wrote.
At the time of publication, the price of Bitcoin was quoted at $69,167.17, marking a 2.6% increase in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of $22,189,897,186. Over the past seven days, the BTC price has appreciated by 2.8%.
Bitcoin whales capitalized on the recent drop following the approval of ETFs and added more tokens to their portfolios. Noted 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 acquired over 20,000 BTC in the last 24 hours, amounting to $1.34 billion, while prices fell below $67,000,” the analyst stated.
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 the risk of financial loss.
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