Bitcoin Moves Past Key $70K Level But Then Retreats Along With Ethereum And Dogecoin: Analyst Says, ‘This Bull Market Isn’t Slow’

Leading cryptocurrencies continued their range-bound price action Monday following a brief spike.

What Happened: Bitcoin broke through $70,000 temporarily during the day, before retracing to the $68,000-$69,000 zone. The world’s second-largest cryptocurrency has traded sideways since hitting its all-time high in March.

Similarly, Ethereum met a wave of selling pressure at $3,840, causing it to dip back to $3,700.

In the past 24 hours, 59,744 traders were liquidated, with the total liquidations coming in at $127.79 million. Nearly 60% were long liquidations.

Due to Bitcoin’s upward moves, speculative traders got excited. Open Interest in Bitcoin futures rose 2.48% to $35.13 billion in the last 24 hours.

The surge was due to traders opening bullish long positions for Bitcoin, as the Longs/Shorts Ratio increased to 1.06 as of this writing.

The Cryptocurrency Fear & Greed Index flashed “Greed” as of this writing, signaling upside potential in the days to come.

 Top Gainer (24 Hour)

The global cryptocurrency market cap increased 1.41% to $2.56 trillion in the last 24 hours.

The stock market ended June’s first trading session on a mixed note. The Dow Jones Industrial Average slid 115.29 points, or 0.30%, to close at 38,571.03.  The S&P 500, meanwhile, gained 0.11% to end at 5,283.40, while the tech-focused Nasdaq Composite finished 0.56% higher at 16,828.67.

The market reacted to weaker-than-expected U.S. manufacturing data for May, with the ISM manufacturing index dropping to 48.7 from 49.2 in April. 

Investors will track other key economic updates this week, including the private payroll data due on Wednesday, and the May jobs report on Friday.

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Analyst Notes: Popular cryptocurrency analyst Rekt Capital took to X to remind market participants that the ongoing bull market was progressing at a good speed.

“This Bull Market isn’t slow. In fact, it’s been too fast. Which is why this cycle needs to slow down, if it wants to resynchronise with normal Halving Cycles,” the analyst commented. 

Rekt Capital cited history to inform that despite consolidation, the King Crypto was still “vastly accelerated” by standards of history

Analysts from Bitfinex noted in a report that Bitcoin has entered the accumulation phase, after months of distribution by long-term holders. 

“Exchange reserves of Bitcoin have been falling and new accumulation addresses, over the past month, have been increasing. We also see LTHs, who had sold significant portions of their holdings at the peak, are now re-accumulating Bitcoin for the first time since December 2023,” the report said. 

This behavior indicated long-term bullish sentiment for the asset 

Photo courtesy: Shutterstock

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