Bitcoin has risen above $67,000, showing strong performance over the past week. This increase coincides with reduced selling pressure from large Bitcoin holders
Julio Moreno, the head of research at CryptoQuant, stated on July 20 via X that “large Bitcoin sellers are exhausted, and valuation metrics suggest positive momentum.”
Moreno referred to investors holding between 1,000 and 10,000 Bitcoin, noting that profits are currently minimal compared to the highs seen in March and May when Bitcoin exceeded $71,000.
According to CoinMarketCap data, Bitcoin is currently trading at $66,837, marking an 11.50% increase over the past seven days and a 4.66% gain over the past 30 days. This movement has attracted attention from market investors, with some considering Bitcoin’s potential to reach $69,000 soon. Bitcoin last reached the $67,000 level on June 12.
Crypto trader Milkybull Crypto identified a potential “megaphone price pattern” that could see Bitcoin targeting the $84,000 to $88,000 range.
Quinten Francious, the host of the YouTube channel Young and Investing, reported on July 19 that the Weekly Bollinger Bands, a tool measuring asset momentum and volatility, are at their lowest levels ever recorded.
Philip Swift also pointed out that Bitcoin’s price has returned to the Short-Term Holder Realized Price, representing the average cost basis of more speculative Bitcoin holders—wallets holding Bitcoin for 155 days or less.
This trend follows a period of volatility for Bitcoin, which saw its price drop from below $60,000 to $53,905 on July 5 before recovering.
On-chain College, a crypto trading account, noted on July 20 that Bitcoin has broken above a key level, indicating strong momentum with support at $64,000. They added that Bitcoin has been “moving from weak hands to stronger hands” during this period.
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