As a seasoned crypto investor with over five years of experience in this dynamic market, I have witnessed firsthand the volatile nature of Bitcoin and its price movements. The recent surge above $67,000 is an exciting development that I’ve been closely monitoring due to its potential implications for the broader market.
Bitcoin surpassed $67,000 mark recently, demonstrating robust growth in the last week. Simultaneously, significant Bitcoin sellers have lessened their influence in the market.
According to Julio Moreno, the research chief at CryptoQuant, expressed on July 20 through X, large Bitcoin sellers have run out of steam, while evaluation indicators point towards a favorable trend.
Investors with a Bitcoin stash between 1,000 and 10,000 units were mentioned by Moreno. He pointed out that present earnings from this investment are insignificant relative to the significant profits reaped during March and May when Bitcoin reached prices above $71,000.
Large sellers of Bitcoin have run out of steam, and market indicators point to a favorable trend. Our latest weekly report is now available; check it out by clicking the link below.
— Julio Moreno (@jjcmoreno) July 19, 2024
Based on information from CoinMarketCap, the price of Bitcoin now stands at $66,837. This represents a noteworthy rise of 11.50% over the past week and 4.66% in the last 30 days. This significant price action has piqued the interest of investors in the market, with some speculating that Bitcoin could surpass $69,000 in the near future. The last time Bitcoin hit $67,000 was on June 12.
Crypto trader Milkybull has noticed a possible “reversal pattern shaped like a megaphone” in Bitcoin’s price chart, indicating a potential price range of around $84,000 to $88,000.
Quinten Francois, the host of the YouTube channel Young and Investing, shared on July 19 that the Weekly Bollinger Bands – a widely-used technical indicator to gauge an asset’s momentum and volatility – have reached their all-time low levels according to his latest report.
Philip Swift noted that Bitcoin’s current price has aligned with the Short-Term Holder Selling Price, which signifies the typical purchase cost for more active or short-term Bitcoin investors – those who have owned the cryptocurrency for roughly 155 days or fewer.
Bitcoin’s price experienced significant fluctuations during that time, dipping from around $59,000 on July 5 to reach a low of $53,905, only to rebound afterwards.
According to On-chain College, a cryptocurrency trading account, Bitcoin surpassed a significant threshold on July 20th, signaling robust momentum and maintaining support at $64,000. They further mentioned that Bitcoin has been transitioning from less experienced or weaker holders to more seasoned or stronger ones throughout this phase.
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2024-07-21 16:37