Originally published on: July 21, 2024
Introduction:
Bitcoin whales are showing signs of easing selling pressure as the world’s most popular cryptocurrency strengthens its position, maintaining levels above $67,000 for the past week.
Subheading 1: Valuation Metrics Indicate Positive Momentum
According to CryptoQuant’s head of research, Julio Moreno, large Bitcoin sellers seem exhausted, with valuation metrics pointing towards favorable momentum. Notably, investors holding 1,000 to 10,000 Bitcoins have seen minimal realized profits compared to previous months when Bitcoin surged past $70,000.
Subheading 2: Potential for Upside Movement
With Bitcoin currently trading at $67,088, marking a 12.15% increase over the last seven days, market observers are eyeing the critical $65,000 support level. Speculation is rife about Bitcoin’s ability to climb to $69,000, which could potentially trigger a significant short position liquidation amounting to $261.9 million.
Subheading 3: Bullish Indicators Fuel Optimism
Despite not revisiting the $67,000 mark since mid-June, traders remain optimistic as other bullish signals emerge. Observations such as the weekly Bollinger Bands hitting record low levels and the Short-Term Holder Realized Price indicator are reinforcing the belief that the uptrend may persist.
Conclusion:
After a turbulent period that saw Bitcoin briefly drop below $60,000 earlier this month, the cryptocurrency is now showing signs of bullish momentum and solid support levels. The market’s focus remains on key price levels and indicators as Bitcoin aims for further growth and stability.
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