Bitcoin Whales Exhausted as BTC Steadies Above $67K, Eyeing $69K Milestone

Bitcoin's price stability above $67,000, coupled with diminished selling pressure from major investors, suggests a bullish trend may continue.

Exhausted Whales

As Bitcoin has maintained its strong gains over the previous seven days, maintaining above $67,000, the selling pressure from Bitcoin whales is diminishing, per Cointelegraph.

According to CryptoQuant's chief of research, Julio Moreno, who made the comment in a July 20 X post, Bitcoin investors who hold a balance of 1,000 to 10,000 Bitcoin are feeling "exhausted," and there is positive momentum suggested by valuation indicators.

In comparison to March or May, when Bitcoin surpassed $71,000 in both months, "realized profits are minimal," Moreno remarked. At $73,679, Bitcoin hit a new record high on March 13.

According to CoinMarketCap data, Bitcoin is presently trading at $67,088, representing a 12.15% increase over the past seven days.

Next Target: $69K

Traders are closely monitoring its performance above the important support level of $65,000, which has been a target for a while. There is also talk about its potential to hit $69,000.

Crypto trader Milkybull Crypto asserted that $69k will be the next stage for Bitcoin's price to complete the weekly megaphone pattern. "The megaphone price pattern target is within $84k-$88k," according to him.

According to CoinGlass statistics, if the price were to rise to $69,000, $261.9 million would be removed from short positions.

Nevertheless, the $67,000 mark has remained elusive for Bitcoin since June 12, and investors are taking note of more bullish signs that could mean the trend will keep going.

This asset momentum and volatility indicator uses weekly Bollinger Bands, which are at their lowest levels ever recorded, according to a post by Young and Investing's Quinten Francious on July 19.

Bullish Indicators Rise

As an additional indicator for traders, "Good to see Bitcoin’s price has returned back to Short-Term Holder Realized Price" (the total cost of holding Bitcoin for 155 days or less), as pointed out by Philip Swift. This is significant since it represents the aggregate cost of Bitcoin held by more speculative hodlers.

After a wild month in which Bitcoin's price slid below $60,000 to $53,905 on July 5 before climbing back up, this is the latest development.

TokenPost | [email protected]