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As Bitcoin has gained strength above $67,000 over the past seven days, large Bitcoin holders are easing the selling pressure. “Major Bitcoin sellers have sold out and valuation metrics show positive momentum,” CryptoQuant head of research Julio Moreno said in an X post on July 20, referring to investors holding 1,000 to 10,000 Bitcoins.
Moreno added that the profits realized when Bitcoin surpassed $71,000 in March or May were minimal compared to current profits. Bitcoin reached its all-time high at $73,679 on March 13. According to CoinMarketCap data, Bitcoin is currently trading at $67,088 and is up 12.15% over the past seven days.
While traders are closely watching whether Bitcoin can stay above the critical support at $65,000, the possibility of it reaching the $69,000 level is also a matter of speculation.
“The next point to complete the Bitcoin weekly megaphone price pattern is $69k,” said crypto trader Milkybull Crypto. “Megaphone price pattern target is in the $84k-$88k range,” he added.
According to CoinGlass data, a move to $69,000 would eliminate $261.9 million worth of short positions.
Traders Are Noticing Many Bullish Indicators
Bitcoin has not reached the $67,000 level since June 12, and traders are taking note of other bullish indicators that suggest the uptrend may continue.
“Weekly Bollinger Bands are at their lowest levels on record,” Quinten Francious, host of the YouTube channel Young and Investing, wrote in an X post on July 19. This is a tool that measures the momentum and volatility of an asset within a certain range.
Philip Swift added that the return of Bitcoin’s price to its Short-Term Holder Realized Price is an important indicator and that this indicator represents the total cost base of wallets holding more speculative Bitcoin.
This follows a recovery after Bitcoin’s price dropped sharply below $60,000 on July 5, falling to a low of $53,905. “Bitcoin breaking above the key level shows strong momentum and a nice support area at $64K,” crypto trading account On-chain College said in an X post on July 20. “This follows a period in which BTC moved from weak hands to strong hands,” the on-chain College added.
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