Bitcoin traded below $70,000 on Monday, as the world's largest cryptocurrency continues to fluctuate around this level for the past few days.
“Currently, prices are moving sideways with no clear catalysis to move prices up or down,” Justin d'Anethan, head of APAC business development of crypto market maker Keyrock, told The Block. “With a range $69,000 and $71,000 for the past four days, it seems that investors are unwilling to breach all-time highs but also that any selling is met with a healthy demand.”
“Beyond simple macro factors, a core crypto-native catalysis is the Bitcoin halving, due later this month. Interestingly enough, halvings have historically been a bearish event in the few days following it but then turned to mark the beginning of long enduring bull runs,” said d'Anethan.
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