Markets have started to sell-off, and Bitcoin needs to hold $70,000 for the BTC and altcoin rally to continue.
Bitcoin (BTC) fell below $69,000 on Nov. 1, but the bears could not sustain the lower levels. Solid buying by the bulls has pushed the price back above the $70,000 level, indicating a positive sentiment.
As Bitcoin nears its all-time high of $73,777, sellers are likely to step in. According to Glassnode data, short-term holders, entities holding Bitcoin for up to 155 days, sent 54,352 Bitcoin to the cryptocurrency exchanges on Oct. 31.
Crypto market data daily view. Source: Coin360
