Bitcoin briefly exceeded $70,000 on Monday, marking its first ascent to this level in a week before easing back into its typical trading range.

The leading cryptocurrency by market capitalization was recently trading at approximately $69,200, reflecting a 2% increase over the last 24 hours. Meanwhile, Ethereum's ether. remained relatively stable just below $3,800.

Bitcoin and the wider crypto market have been in a consolidation phase for over two months since March, following BTC's record surge above $73,000.

Bitfinex analysts reckon that “this correction phase now appears to be nearing an end" in a market update released on Monday.

According to the report, the downturn in bitcoin's value from its all-time high was influenced significantly by long-term holders selling off their positions. However, data from the blockchain indicates that these holders have begun re-accumulating BTC for the first time since December 2023.

Moreover, there has been a rise in the number of new addresses accumulating bitcoin and ether over the past month, indicating growing bullish sentiment despite the price stabilization, Bitfinex analysts noted, referencing data from CryptoQuant.

Swissblock, a crypto analytics firm, explains that the $70,000 and $73,000 price levels are serving as substantial barriers to further increases in BTC's value. "Short-term retracements are being viewed as opportunities to buy in, with the $67,000 level proving to be a dependable support zone," Swissblock stated in a recent report.