Bitcoin Bull Market Support Band Clashes with Resistance, Suggesting a Possible Price Decrease

Crypto News– The Bitcoin Bull Market Support Band is encountering resistance, potentially signaling a drop to the $26,000 mark. Comparisons are being drawn between Bitcoin’s current cycle and that of 2019, alongside an interesting development in non-whale wallet activity.

Bitcoin Bull Market Support Band Clashes with Resistance, Suggesting a Possible Price Decrease

Rekt Capital, a well-respected figure in Bitcoin analysis, recently shared insights that shed light on a notable situation in the cryptocurrency market.

Bitcoin is presently grappling with a significant challenge as it seems to be pushing back against the cluster of moving averages comprising the Bull Market Support Band. A weekly candle closing below these levels could solidify them as fresh resistance zones, raising the possibility of a price retracement toward the $26,000 threshold.

Furthermore, Rekt Capital has drawn attention to a thought-provoking parallel between Bitcoin’s current state and its 2019 cycle, suggesting a potential turning point in its trajectory. As of the latest available data, Bitcoin is trading at approximately $26,600, as reported by CoinMarketCap.

In parallel, Santiment, a data provider, has contributed valuable insights into Bitcoin ownership dynamics. Their recent report highlights a noteworthy shift in ownership patterns.

Non-whale wallets, holding fewer than 100 BTC, now represent a substantial 41.1% of the total supply, while whale addresses, with holdings ranging from 100 to 100,000 BTC, now account for 55.5% of the supply, marking their lowest ownership level since May.