Bitcoin's unrealized profits are currently at a modest 3%, a significant drop from the 69% seen in early March, indicating reduced selling pressure. The BTC price is eyeing potential support at $66,000.
Bitcoin Whale Accumulation
Recent data from CryptoQuant shows a significant surge in Bitcoin whale accumulation. Renowned crypto analyst Lark Davis has observed unprecedented buying activity from large Bitcoin holders. According to Davis, this significant accumulation suggests an imminent supply shock in the market. Julio Moreno, Head of Research at CryptoQuant, emphasizes the changing dynamics of Bitcoin’s market behavior. He notes that Bitcoin trading at $70,000 now is markedly different from its price at the same level in March. Currently, unrealized profits stand at 3%, compared to 69% in early March, indicating much lower selling pressure. This suggests that the heavy selling phase has already been exhausted.
BTC Price Pullback Before Long-Term Upside Resumes
Prominent crypto analyst CrediBULL Crypto is optimistic 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 market conditions align. If the market continues its current trajectory, he anticipates riding the longs to surpass $100,000.
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 $66,000 mark.
As Bitcoin navigates through its current phase, the reduced selling pressure and significant whale accumulation point towards a potentially bullish future, with analysts and investors closely watching for the next major moves in the market.
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