Bitcoin Hovers Near $70K as Selling Pressure May Be Subduing

Since March's slump caused by long-term holders selling, blockchain data indicates a reversal with accumulating investors. This shift suggests the corrective period may be nearing an end. CryptoQuant data reveals a rise in new accumulation addresses for both Bitcoin and Ethereum, reflecting increased bullish sentiment. However, resistance levels around $70,000 and $73,000 continue to cap Bitcoin's price, with critical events like inflation data releases and Federal Reserve meetings likely to influence volatility in the coming week.