Bitcoin’s (BTC) price is on the cusp of reaching $67,000, trading at $66,600 as of 3 a.m. ET on Monday. This marks a notable increase of approximately 5% since May 13, when the top cryptocurrency by market cap was valued at $63,000. However, in the past 24 hours, BTC has seen a slight decline, trading down nearly 0.8%, according to The Block’s price page.
“Bitcoin’s price action has significantly improved since last week,” research firm 10x Research commented on X on Monday. The firm noted that prices have rebounded towards their late April resistance zone of $67,500, surpassing the early May highs of $64,000. Highlighting the bullish sentiment surrounding bitcoin’s recent performance, the firm added,
“A breakthrough above $67,500 could potentially lead to new all-time highs.
Bitcoin Network Sees Decline in Weekly New Addresses
Despite the price surge, data indicates a decline in weekly new addresses on the BTC network. The number of new addresses, which approached an all-time high just six months ago, has now fallen to the lowest level since 2018. Meanwhile, analytics platform Santiment reported that wallets holding smaller amounts of bitcoin have been liquidating their coins over the past week. This trend, according to Santiment, is a bullish sign for the market. “Historically, small wallets dumping their coins to larger wallets is an encouraging and bullish sign for BTC,” Santiment stated on X.
Adding to the positive momentum, the 11 U.S. spot bitcoin exchange-traded funds (ETFs) have recorded five straight days of total net inflows, attracting close to $950 million worth of funds in the past week. This influx of investment underscores the growing institutional interest in bitcoin.
In contrast, Ether, the second-largest cryptocurrency by market capitalization, has shown a modest increase of 0.17% in the past 24 hours, trading at $3,122. The U.S. Securities and Exchange Commission (SEC) is anticipated to give its final decision on spot ether ETFs soon. Several fund managers are bracing for a potential rejection, citing a lack of active dialogue with the SEC, unlike the discussions that preceded the approval of spot bitcoin ETFs, according to Bloomberg.
As bitcoin nears the $67,000 mark, market participants are watching closely for a potential breakout that could signal new all-time highs, buoyed by robust institutional inflows and optimistic market trends.