Key Points
- Bitcoin’s price is approaching $67,000, with a 5% increase since May 13.
- Ethereum has seen a slight increase, with its ETF decision by the SEC pending.
Bitcoin’s price is nearing the $67,000 mark, currently trading at $66,600. This represents an increase of about 5% since May 13, when it was valued at $63,000.
In the last 24 hours, however, Bitcoin has traded down by nearly 0.8%.
Bitcoin’s Price Action
Research firm 10x Research noted that Bitcoin’s price action has improved significantly since last week. Prices have rebounded towards their late April resistance zone ($67,500), exceeding the early May highs ($64,000). A breakthrough above $67,500 could potentially lead to new all-time highs.
On the other hand, new addresses on the Bitcoin network, which were close to their all-time high six months ago, seem to have dropped to the lowest level since 2018.
Market Trends
Simultaneously, wallets holding smaller amounts of bitcoin have been liquidating their coins over the past week. According to analytics platform Santiment, this could be a bullish sign for the market.
In the US, 11 spot bitcoin exchange-traded funds recorded five consecutive days of total net inflows, attracting nearly $950 million worth of funds in the past week.
The second-largest crypto token by market capitalization, Ethereum, has increased by 0.17% in the past 24 hours to trade at $3,122. The U.S. Securities and Exchange Commission is expected to provide its final decision on spot ether ETFs. However, several fund managers in the U.S. are expecting a rejection, as there has not been active dialogue with the SEC as there had been before the approval of spot bitcoin ETFs.