Bitcoin lingers below $67,000 as sideways price action continues

Bitcoin’s price is nearing the $67,000 mark, currently trading at $66,600 as of 3 a.m. ET on Monday.

The top cryptocurrency by market cap is up about 5% since May 13, when it traded at $63,000. However, over the past 24 hours, bitcoin has traded 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 wrote on X on Monday. “Prices have rebounded towards their late April resistance zone ($67,500), surpassing the early May highs ($64,000) — a breakthrough above $67,500 could potentially lead to new all-time highs,” the firm said.

Bitcoin price chart | The Block

This comes as weekly new addresses on the Bitcoin network, which approached its all-time high just six months ago, appear to have fallen to the lowest level since 2018, according to The Block's data.

Meanwhile, wallets holding smaller amounts of bitcoin have been liquidating their coins over the past week, analytics platform Santiment wrote on X, adding that this could be 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.

Having said that, the 11 U.S. spot bitcoin exchange-traded funds recorded five straight days of total net inflows, drawing in close to $950 million worth of funds in the past week.

Ether, the second-largest crypto token by market capitalization, has added 0.17% in the past 24 hours to trade at $3,122. The U.S. Securities and Exchange Commission is expected to give its final decision on spot ether ETFs. 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, according to a Bloomberg report.