Bitcoin whales are easing off their selling pressure as Bitcoin continues to gain strength over the past seven days, holding above $67,000.
“Bitcoin large sellers are exhausted and valuation metrics suggest positive momentum,” CryptoQuant head of research Julio Moreno wrote in a July 20 X post, referring to Bitcoin investors holding a balance of 1,000 to 10,000 Bitcoin.
Moreno added that “realized profits are minimal compared to March or May," when Bitcoin (BTC) exceeded $71,000 in both months. Bitcoin reached its all-time high on March 13, at $73,679.
Bitcoin is currently trading at $67,088, up 12.15% over the past seven days, according to CoinMarketCap data.
While traders are keeping a close watch as to whether it holds above the long-monitored critical support $65,000 level, there is also speculation over whether it will be able to reach $69,000.
“Bitcoin next point to complete the weekly megaphone price pattern is $69k,” crypto trader Milkybull Crypto claimed. "The megaphone price pattern target is within $84k-$88k," he added.
The move to $69,000 would erase $261.9 million in short positions, as per CoinGlass data.
Traders are noticing several bullish indicators
However, Bitcoin hasn't reached the $67,000 level since June 12, and traders are noting other bullish indicators that suggest the uptrend may continue.
“Weekly Bollinger Bands are at the same lowest levels ever recorded,” host of the YouTube channel Young and Investing, Quinten Francious,wrote in a July 19 X post, which is a tool that measures the momentum and volatility of an asset within a certain range.
“Good to see Bitcoin’s price has returned back to Short-Term Holder Realized Price,” Philip Swift added, which is an important indicator for traders as it is the aggregate cost basis of more speculative Bitcoin hodlers — wallets storing Bitcoin for 155 days or less.
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This follows a turbulent month for Bitcoin, during which its price sharply dropped below the $60,000 mark to $53,905 on July 5, before making a recovery.
“Bitcoin breaking above a key level, indicating strong momentum and a nice area of support at $64K,” crypto trading account On-chain College wrote in a July 20 X post.
“This is after a period of BTC moving from weak hands to stronger hands,” On-chain College added.
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