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.
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,
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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.
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