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Bitcoin (BTC) Price Update

Bitcoin (BTC) is currently trading below $69,000, experiencing a 2.5% decline over the past 24 hours. The digital asset briefly reached a high of $69,300 during Asian trading hours before facing selling pressure.

With the ongoing profit-taking trend from Monday, several major tokens have also witnessed price dips. Ether and Solana’s SOL have dropped by 2.8%, while Cardano’s ADA and dogecoin (DOGE) saw a decline of up to 4%. BNB Chain’s BNB is the only token showing resilience with a modest 1.8% increase.

CoinDesk 20 Index Performance

The CoinDesk 20, which tracks the performance of the largest tokens excluding stablecoins, is down by 3% amid the broader market correction.

Market Insights and Potential Volatility

During the Asian session, there was a surge in demand for bitcoin and leading altcoins driven by trade optimism. FxPro Senior Market analyst Alex Kuptsikevich cautioned about a potential volatility spike following the release of the U.S. consumer price index later in the week.

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Analysts’ Views on Bitcoin Correction

Despite the recent correction, some analysts believe that the selling pressure from long-term holders has eased in recent weeks. On-chain analysis firm Glassnode noted a decrease in profit-taking from long-term wallets, attributing it to a rise in spot trade volumes and demand for spot bitcoin.

According to Glassnode, the uptick in demand is fueled by the introduction of U.S. spot ETFs, indicating a positive outlook for bitcoin’s long-term performance. The firm also highlighted the role of long-term holders who keep tokens for extended periods, contributing to the market stability.

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