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Bitcoin Whales in Accumulation Mode, Selling Pressure Drops

Bitcoin Whales in Accumulation Mode, Selling Pressure Drops

Bitcoin, the world’s largest cryptocurrency, aimed to surpass the $70,000 mark on Monday. However, the bullish momentum was short-lived as selling pressure resurfaced within hours. Currently, the Bitcoin price stands at $67,776 with a market capitalization of $1.335 trillion.

Bitcoin Whale Accumulation

As per the data from CryptoQuant, the Bitcoin whale accumulation has surged significantly in recent times. Well-known crypto analyst Lark Davis has noticed an increase in buying activity from Bitcoin whales. According to Davis, this significant accumulation of Bitcoin by large holders suggests a potential supply shortage in the market.

Source: CryptoQuant

Julio Moreno, Head of Research at CryptoQuant, points out an important difference in Bitcoin’s market behavior. Moreno explains that BTC trading at $70K now differs significantly from its price at $70K in March. Currently, unrealized profits stand at a modest 3%, compared to a substantial 69% in early March. This indicates a much lower selling pressure from traders, suggesting that heavy selling has already been exhausted according to this metric.

Source: CryptoQuant

BTC Price Pullback Before Long-Term Upside Resumes

Popular crypto analyst CrediBULL Crypto expresses optimism about Bitcoin’s current long positions. In a recent analysis, he noted, “Longs on $BTC looking great here. I would have no qualms if we simply continued pumping from here, but I think something like this makes a lot of sense right now.” He added that his long positions are higher timeframe swings, which he plans to hold and potentially increase if the market scenario aligns. If the market continues its current trajectory, he anticipates riding the longs to surpass $100K.

Source: CrediBULL Crypto

Crypto analyst Michael van de Poppe recently provided insights on Bitcoin’s price consolidation strategy. He indicated that Bitcoin aims to stabilize at current levels. Addressing potential buying opportunities, van de Poppe suggested, “Losing $66K and I think we’ll test range low ($60K) and be buying there again. That’s the level where you’d want to get your purchases ready.” Investors are advised to prepare for potential entry points if Bitcoin’s price dips below the $66K mark.

Source: Poppe

Note: Inspirations and information from this article were drawn from coingape.com.

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Name Price24H (%)
Bitcoin(BTC)
$64,779.18
5.49%
Ethereum(ETH)
$3,478.15
6.19%
BNB(BNB)
$582.73
6.42%
Solana(SOL)
$157.91
4.66%
XRP(XRP)
$0.55
4.79%

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