The market is witnessing a decline in selling pressure from major investors as the price of the leading cryptocurrency stabilizes around $67,000, according to Julio Moreno, Head of Research at CryptoQuant.
#Bitcoin large Sellers are exhausted and
valuation metrics suggest positive momentum.We published our weekly report on Wednesday, see link in the below post ? pic.twitter.com/hztAeFCnHy
— Julio Moreno (@jjcmoreno) July 19, 2024
“Large bitcoin sellers are exhausted, and volume indicators point to positive dynamics,” he wrote.
Major investors are defined as market participants holding between 1,000 BTC and 10,000 BTC.
Moreno added that the realized profit of digital gold holders is “minimal compared to March or May.”
At the time of writing, bitcoin is trading at $66,670, having gained 3.5% over the month. According to CoinGecko, the asset’s market capitalization stands at $1.31 trillion.
While most of the market is watching the local support level at $65,000, a trader known as Mikybull has predicted a continuation of the rally.
#Bitcoin next point to complete the weekly megaphone price pattern is $69k.
The megaphone price pattern target is within $84k-$88k. https://t.co/YCMSKGEuVF pic.twitter.com/L6yOrhKBpm
— Mikybull ?Crypto (@MikybullCrypto) July 17, 2024
“The next point to complete the weekly megaphone pattern is $69,000. The pattern’s target is within $84,000-$88,000,” the expert stated.
According to Coinglass, a rise to $69,000 would lead to the liquidation of short positions worth nearly $900 million.
Bitcoin has not reached $67,000 since June 12, prompting traders to note other optimistic indicators suggesting a continued upward trend.
Quinten Francius, co-founder of WeRate, noted that the Bollinger Bands are at their lowest levels since April 2016. This metric measures an asset’s volatility within a specific range.
#Bitcoin Weekly Bollinger Bands are at the same lowest levels ever recorded
April 2016: $450 $BTC
January 2023: $16,500 $BTC pic.twitter.com/AFRHKDiKyl— Quinten | 048.eth (@QuintenFrancois) July 19, 2024
“It’s nice to see bitcoin’s price returning to the short-term holders’ realized price. It’s like a magnet in bull markets,” added Trendstorm CEO Philip Swift.
An analyst known as On-Chain College highlighted bitcoin’s breakthrough above a key level and its strengthening above the $64,000 support line.
Bitcoin breaking above a key level, indicating strong momentum & a nice area of support at $64K.
This is after a period of BTC moving from weak hands to stronger hands.
BTC Nashville next week with Trump & others speaking pro-BTC.
The rocket ship is prepared for takeoff. pic.twitter.com/ZX1JHlKjtY
— On-Chain College (@OnChainCollege) July 20, 2024
“This occurred after a period of the first cryptocurrency moving from weak hands to stronger hands,” he explained.
Earlier, CryptoQuant analysts indicated that bitcoin had reached a local bottom. In their view, various metrics now point to upward momentum.
Earlier, Bitwise’s Chief Investment Officer predicted that digital gold could rise to $100,000 by the end of the year.