Bitcoin was trading below $70,000 on Monday as the world’s largest cryptocurrency continued to fluctuate around this level over the past few days.
Bitcoin prices have fallen about 0.7% over the past 24 hours, trading at $69,700 around 3:15 a.m. ET, according to The Block’s price page. Ethereum was trading down 1.8% at $3,550.
“Prices are currently moving sideways with no clear catalyst that could push prices up or down,” Justin d’Anethan, head of APAC business development at cryptocurrency marketplace maker Keyrock, told The Block. “Having a range between $69,000 and $71,000 over the past four days, it seems investors are reluctant to break the all-time high, but any selling seems to be met by healthy demand,” he said.
Lucy Hu, senior analyst at Metalpha, said the price decline appeared to be part of a normal correction and “this time there is no clear cause for the minor fluctuations.”
bitcoin halving
with bitcoin halving Events expected to occur later this month may have some impact on price movements.
“Beyond simply macro factors, a key cryptocurrency-based catalyst is the Bitcoin halving scheduled for later this month. Interestingly, halvings have historically signaled the start of a long-lasting uptrend, whereas they have historically seen a few days of decline,” d’Anethan said.
“It’s tricky to predict because the bull market has already been going on for the past six months (or a year, depending on who you ask),” D’Anethan added.
d’Anethan continued, “The catalyst was the anticipation and realization of a Bitcoin spot ETF on the US stock exchanges, which opened the floodgates for investors who were not yet active to now have exposure to BTC.” continued to say.
Metalpha’s Hu added that given past history, “the market could experience significant volatility as we approach the halving, with strong price corrections during and after the halving event.”
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