Bitcoin whales are easing up on the selling pressure as the cryptocurrency continues to gain strength over the past seven days and remains above $67,000.
“Bitcoin’s big sellers are exhausted and valuation metrics are showing positive momentum,” CryptoQuant head of research Julio Moreno wrote in a July 20 Xinhua News Agency post. postThis refers to a Bitcoin investor who holds a balance between 1,000 and 10,000 Bitcoin.
Moreno added that “realized gains are minimal compared to March and May,” both of which saw Bitcoin (BTC) surpass $71,000. Bitcoin hit an all-time high of $73,679 on March 13.
Bitcoin is currently trading at $67,088, up 12.15% over the past seven days, according to CoinMarketCap. data.
Traders are closely watching to see if Bitcoin can sustain above $65,000, a key support level that has been watched for years, but there is also speculation about whether it can reach $69,000.
“The next point for Bitcoin to complete the weekly Megaphone price pattern is $69,000,” said crypto trader Milkybull Crypto. Claimed“The megaphone price pattern target is between $84,000 and $88,000,” he added.
According to CoinGlass, a rise to $69,000 would liquidate $261.9 million in short positions. data.
Traders are keeping an eye on several bullish indicators
However, Bitcoin has not reached the $67,000 level since June 12, and traders are keeping an eye on other bullish indicators that suggest the uptrend may continue.
“The weekly Bollinger Bands are at their lowest levels ever,” the YouTube channel host said. Investing while young, Quinten Francis on July 19th X postIt is a tool that measures the momentum and volatility of an asset within a certain range.
“It’s good to see the price of Bitcoin back up to the realized price of short-term holders,” Swift added. This is an important metric for traders because it is the total cost basis for more speculative Bitcoin holders (wallets that store Bitcoin for 155 days or less).
Related: Bitcoin’s ‘real bull market’ seems out of reach as retail demand indicator drops to 3-year low
It has been a tumultuous month for Bitcoin, during which its price plummeted below the $60,000 level on July 5 to as low as $53,905 before recovering.
“Bitcoin has broken through a key level and is showing strong momentum and a good support area at $64,000,” crypto trading account OnChain College wrote on July 20. post.
“This comes after a period of time when BTC went from weak to strong hands,” OnChain College added.
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