The market is seeing a reduction in selling pressure from large investors as the price of the first cryptocurrency has consolidated at $67,000, said 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 investors are defined as market participants holding between 1,000 BTC and 10,000 BTC.
Moreno added that realized profits for digital gold holders are “minimal compared to March or May.”
At the time of writing, Bitcoin is trading at $67,401.
While the bulk of the market is keeping an eye on the local support level at $65,000, a trader under the nickname Milkybull Crypto 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
According to Coinglassa rise to $69,000 would liquidate short positions worth nearly $900 million.
Bitcoin Position Liquidations Map. Data: Coinglass.
Bitcoin hasn’t reached $67,000 since June 12, so traders are noting other bullish indicators that point to a continuation of the uptrend.
WeRate co-founder Quinten Francius noted that Bollinger Bands are at their lowest levels since April 2016. The metric measures the volatility of an asset within a certain range.
An analyst nicknamed On-Chain College highlighted Bitcoin’s breakout above a key level and its strengthening above the $64,000 support line.
Earlier, CryptoQuant analysts said that Bitcoin had reached a local bottom. According to them, various metrics now point to an upward momentum.
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Source: Cryptocurrency
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