According to Coincu, Bitcoin is currently facing resistance at the Bull Market Support Band, with a potential drop to $26,000. Rekt Capital, a Bitcoin analysis expert, has observed that the cryptocurrency is rejecting the cluster of moving averages, and a weekly candle close below these levels could establish them as new resistances, potentially causing a price retest around the $26,000 mark.
Rekt Capital also noted that Bitcoin's current cycle is similar to that of 2019, indicating a potential turning point in its trajectory. At the time of writing, BTC is trading at around $26,600, according to CoinMarketCap data.
Santiment, a market data provider, has reported a shift in Bitcoin ownership dynamics. Non-whale wallets with less than 100 BTC now hold 41.1% of the available supply, while whale addresses, holding 100 to 100,000 BTC, account for 55.5% of the supply, marking their lowest level since May. This data suggests that smaller holders are increasingly participating in Bitcoin ownership, potentially indicating a democratization of the cryptocurrency landscape.
