{"id":21996,"date":"2024-06-05T00:45:02","date_gmt":"2024-06-04T21:45:02","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21996"},"modified":"2024-06-04T23:37:44","modified_gmt":"2024-06-04T20:37:44","slug":"bitcoin-dips-below-70k-after-brief-surge","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-dips-below-70k-after-brief-surge\/","title":{"rendered":"Bitcoin Dips Below $70K After Brief Surge"},"content":{"rendered":"

After just momentarily crossing the $70,000 milestone late Monday, Bitcoin (BTC<\/strong>) dropped to $69,200 early Tuesday under profit-taking. Price action across several big tokens was conflicting.<\/p>\n

Reflecting market risk, BTC<\/strong> values followed more general U.S. stock markets. Some meme stocks and tokens rose more than 100% following the purported return of powerful equity trader Keith Gill<\/a>.<\/p>\n

Blockchain<\/a> exchange According to Bitfinex’s Monday report, long-term holders selling most certainly caused bitcoin’s<\/strong> downturn since March. Blockchain data, however, indicates that the trend has stopped and investors are buying Bitcoin<\/strong>.<\/p>\n

According to a Tuesday study sent to CoinDesk by on-chain analysis company CryptoQuant, 50% of the long-term bitcoin<\/strong> supply remained “inactive,” meaning no movements or changes in ownership among tracked wallets. This is regarded as evidence of strong long-term conviction, which would suggest more price increases.<\/p>\n

Given this, the general opinion on bitcoin’s<\/strong> ongoing expansion is still “stubbornly optimistic,” as Singapore-based QCP Capital notes rising trading activity.<\/p>\n

“The market remains stubbornly bullish in spite of negative headlines about Mt. Goxin and the DMM hack last week; BTC<\/strong> rallied confidently above $69,000 in Asia, QCP said in a broadcast message late Monday. <\/em>This optimism is probably going to persist while the market waits for the ETH spot ETF to create fresh demand.”<\/p>\n

“Another reason for persistent bullishness is speculators increasing long positions in other crypto majors in anticipation of additional spot ETF approvals in the near future<\/em>,” the company stated.<\/p>\n

While Cardano’s ADA and Solana’s SOL surged by as much as 3%, elsewhere ether (ETH) and dogecoin (DOGE) saw little losses. Rising 0.41% over the past 24 hours is CoinDesk 20 (CD20), a broad-based index of the biggest and least stablecoins.<\/p>\n

Among other bigger tokens with a market value exceeding $1 billion, synthetic dollar project Ethena’s ENA coins climbed more than 10%, while dog-themed floki (FLOKI).<\/p>\n","protected":false},"excerpt":{"rendered":"

After just momentarily crossing the $70,000 milestone late Monday, Bitcoin (BTC) dropped to $69,200 early Tuesday under profit-taking. Price action across several big tokens was conflicting. Reflecting market risk, BTC values followed more general U.S. stock markets. Some meme stocks and tokens rose more than 100% following the purported return of powerful equity trader Keith<\/p>\n","protected":false},"author":6,"featured_media":21997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[61,477,552],"class_list":["post-21996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price"],"yoast_head":"\nBitcoin Dips Below $70K After Brief Surge - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bitcoin briefly crosses $70,000 before dropping to $69,200 due to profit-taking. 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