Bitcoin is experiencing reduced selling pressure from large investors, maintaining its price above $67,000.
Bitcoin whales, who hold significant amounts of the cryptocurrency, are pulling back on selling as Bitcoin shows strength, remaining above $67,000 over the past week.
“Large Bitcoin sellers are exhausted, and valuation metrics indicate positive momentum,” CryptoQuant‘s head of research Julio Moreno shared in a July 20 post on social media platform X. He was referring to Bitcoin holders with balances between 1,000 and 10,000 BTC.
Moreno further noted that “realized profits are minimal compared to March or May,” when Bitcoin surpassed $71,000. Bitcoin reached its all-time high of $73,679 on March 13.
Currently, Bitcoin is trading at $67,088, marking a 12.15% increase over the past seven days, according to CoinMarketCap data.
Traders are closely watching if Bitcoin can sustain its price above the critical support level of $65,000 and are speculating whether it can reach $69,000.
“Bitcoin’s next target to complete the weekly megaphone price pattern is $69k,” said crypto trader Milkybull Crypto. “The megaphone price pattern target is within $84k-$88k,” he added.
A rise to $69,000 would wipe out $261.9 million in short positions, based on data from CoinGlass.
Traders Spot Bullish Signs
Bitcoin hasn’t hit the $67,000 mark since June 12, but traders are observing other bullish indicators suggesting the upward trend might continue.
“Weekly Bollinger Bands are at their lowest levels ever recorded,” noted Quinten Francious, host of the YouTube channel Young and Investing, on a July 19 X post. Bollinger Bands measure the momentum and volatility of an asset within a certain range.
“It’s good to see Bitcoin’s price has returned to the Short-Term Holder Realized Price,” added Philip Swift. This metric is crucial for traders as it represents the aggregate cost basis of more speculative Bitcoin holders, or wallets that store Bitcoin for 155 days or less.
Summary Review: The reduced selling pressure from large Bitcoin holders and positive valuation metrics suggest continued strength for Bitcoin as it holds above $67,000, with potential for further gains.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
