Bitcoin Whales Show Signs of Easing Selling Pressure as BTC Holds Above $67,000
Bitcoin whales are easing off their selling pressure as Bitcoin continues to gain strength over the past seven days, holding above $67,000. According to CryptoQuant head of research Julio Moreno, Bitcoin large sellers are exhausted and valuation metrics suggest positive momentum among Bitcoin investors holding a balance of 1,000 to 10,000 Bitcoin.
Moreno noted that realized profits are minimal compared to previous months when Bitcoin exceeded $71,000. Bitcoin reached its all-time high on March 13, at $73,679. Currently, Bitcoin is trading at $67,088, up 12.15% over the past seven days, according to CoinMarketCap data.
Traders are closely monitoring whether Bitcoin will hold above the critical support level of $65,000 and speculating on whether it will reach $69,000. Crypto trader Milkybull Crypto claimed that the next target for Bitcoin is $69,000, with a potential price pattern target within the range of $84,000 to $88,000.
The move to $69,000 would eliminate $261.9 million in short positions, as per CoinGlass data. Despite not reaching the $67,000 level since June 12, traders are noticing several bullish indicators that suggest the uptrend may continue.
Quinten Francious, host of the YouTube channel Young and Investing, pointed out that weekly Bollinger Bands are at the lowest levels ever recorded, indicating positive momentum and volatility for Bitcoin. Philip Swift also highlighted the return of Bitcoin’s price to Short-Term Holder Realized Price, an important indicator for traders.
After a turbulent month for Bitcoin, which saw its price drop below $60,000 before making a recovery, traders are optimistic about the current momentum. On-chain College, a crypto trading account, noted a strong area of support at $64,000, indicating a shift of Bitcoin from weak hands to stronger hands.
Overall, the market sentiment is positive as Bitcoin whales ease off selling pressure and traders observe bullish indicators that suggest a potential uptrend for the leading cryptocurrency.
