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• Bitcoin’s price approaches $67,000, showing a 5% increase over the weekend.
• Current price hovers around $66,600, up from $63,000 on May 13.
• Despite recent gains, Bitcoin experiences a slight decline of nearly 0.8% in the past 24 hours.
• Analysts anticipate a breakthrough above $67,500 could lead to new all-time highs.

Bitcoin Inches Towards $67,000 Amid Sideways Movement

Bitcoin’s price has been steadily climbing, inching closer to the $67,000 mark with a 5% surge over the past weekend. As of 3 a.m. ET on Monday, Bitcoin is trading around $66,600, demonstrating resilience amid sideways price action.

Improved Price Action

Following a recent uptrend, Bitcoin’s price has significantly improved, surpassing the $64,000 mark seen in early May. Analysts at 10x Research note that prices are approaching the late April resistance zone of $67,500, with potential for new all-time highs upon breakthrough.

Decline in New Addresses

However, despite the positive price movement, data from The Block suggests a decline in weekly new addresses on the Bitcoin network, reaching levels not seen since 2018. This trend raises questions about the network’s growth and adoption rate.

Bullish Sign from Wallet Activity

On a positive note, smaller wallets holding Bitcoin have been observed liquidating their coins in the past week. According to analytics platform Santiment, this activity could signal a bullish outlook for Bitcoin, historically indicating market optimism when smaller wallets transfer coins to larger ones.

Inflows to Bitcoin ETFs

Meanwhile, U.S. spot Bitcoin exchange-traded funds (ETFs) have recorded significant net inflows, totaling close to $950 million over five consecutive days. This influx of funds reflects growing investor interest in Bitcoin as a mainstream asset.

Ether’s Performance

In the altcoin market, Ether, the second-largest cryptocurrency by market capitalization, has seen a modest increase of 0.17% in the past 24 hours, trading at $3,122. The U.S. Securities and Exchange Commission (SEC) is expected to deliver its final decision on spot Ether ETFs, with some fund managers anticipating a rejection due to lack of active dialogue with the SEC.

Conclusion

Bitcoin’s price continues to show resilience amid sideways price action, nearing the $67,000 mark with a recent surge over the weekend. While challenges such as declining new addresses persist, positive indicators like wallet activity and ETF inflows suggest underlying strength in the market. As the cryptocurrency landscape evolves, investors remain optimistic about the potential for further price gains and market expansion.