Bitcoin has maintained a price above $67,000 for the past seven days, prompting Bitcoin billionaires to reduce their selling pressure.
Julio Moreno, the head of research at CryptoQuant, stated in a July 20 post on X that “Bitcoin large Sellers are exhausted and valuation metrics suggest positive momentum.” This statement was about Bitcoin investors who maintain a balance of 1,000 to 10,000.
Moreno also stated that “realized profits are minimal compared to March or May,” when Bitcoin exceeded $71,000 in both months. On March 13, Bitcoin achieved its all-time peak of $73,679.
Bitcoin is currently trading at $67,088, a 12.15% increase over the past seven days, as CoinMarketCap data indicates.
Although traders are closely monitoring whether it remains above the critical support level of $65,000, which has been monitored for an extended period, there is also speculation regarding its potential to reach $69,000.
“The next point for Bitcoin to complete the weekly megaphone price pattern is $69k,” asserted crypto trader Milkybull Crypto. “The megaphone price pattern target is within $84k-$88k,” he indicated.
According to CoinGlass data, the reduction of short positions to $69,000 would result in the elimination of $261.9 million.
Nevertheless, Bitcoin has not surpassed the $67,000 threshold since June 12, and traders are observing additional favorable indicators that indicate the upward trend may persist.
In a July 19 X post, Quinten Francious, the YouTube channel Young and Investing host, stated that the weekly Bollinger Bands are at their lowest recorded levels. This instrument is used to assess the volatility and momentum of an asset within a specific range.
Philip Swift expressed his satisfaction with the return of Bitcoin’s price to the Short-Term Holder Realized Price, which is a critical indicator for traders. This price is the aggregate cost basis of more speculative Bitcoin hodlers, who are wallets that store Bitcoin for 155 days or less.
This occurred after a tumultuous month for Bitcoin, during which its price plummeted from $60,000 to $53,905 on July 5, before recovering.
Crypto trading account On-chain College wrote in a July 20 X post, “Bitcoin breaking above a key level, indicating strong momentum & a nice area of support at $64K.”
“This occurs after a period in which BTC transitioned from weak to stronger hands,” stated On-chain College.
