CDS Crypto News Market Update: Bitcoin Large Sellers Exhausted
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Market Update: Bitcoin Large Sellers Exhausted

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Market Update Bitcoin Large Sellers Exhausted

The Crypto Market Impact of Bitcoin Large Sellers’ Exhaustion

The selling pressure from Bitcoin whales is decreasing as the price of the cryptocurrency has risen over the last seven days and is now above $67,000. Referring to Bitcoin investors retaining a balance of 1,000 to 10,000 Bitcoin, Julio Moreno, head of research at CryptoQuant, noted in an X post that valuation metrics suggest positive momentum and that large sellers are exhausted. According to Moreno, realized gains are not as high as they were in March or May, when Bitcoin hit $71,000 in both cases.

The Crypto Market Impact Of Bitcoin Large Sellers' Exhaustion

Can Bitcoin Hit $69,000? Analyzing the Current Market Trends and Support Levels

Can Bitcoin Hit $69,000? Analyzing The Current Market Trends And Support Levels

According to CoinMarketCap data, Bitcoin is presently trading at $66.869, up 11.40% over the last seven days. There is conjecture as to whether it can reach $69,000, but traders are closely watching to see if it can remain above the long-monitored important support $65,000 mark.

Bitcoin next point to complete the weekly megaphone price pattern is $69k. The megaphone price pattern target is within $84k-$88k,

crypto trader Milkybull Crypto

According to CoinGlass statistics, a jump to $69,000 would eliminate $261.9 million in short holdings.

FAQ

What Does It Mean That Bitcoin’s Large Sellers Are Exhausted?

When Bitcoin large sellers are described as exhausted, it means that the major holders who were selling their Bitcoin have significantly reduced their selling activity, leading to less downward pressure on the price.

Why is the $67K Price Level Significant for Bitcoin?

The $67K price level is significant for Bitcoin because it represents a key resistance point that, if held, could indicate strong market support and the potential for further price increases.

How Does the Exhaustion of Large Sellers Impact the Bitcoin Market?

The exhaustion of large sellers can positively impact the Bitcoin market by reducing selling pressure, potentially leading to price stabilization or increases as buying interest outweighs selling.

For more up-to-date crypto news, you can follow Crypto Data Space.

Market Update: Bitcoin Large Sellers Exhausted
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lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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