Bitcoin Whales In Accumulation Mode, Seller Exhaustion Apparent

7Ary...USep

28 May 2024

Bitcoin unrealized profits stand at a modest 3%, compared to a substantial 69% in early March indicating a much lower selling pressure from traders. BTC price eyes support at $66,000.

HIGHLIGHTS

Bitcoin unrealized profits at just 3% showing sell-side pressure to be limited.
BTC price can see partial retracement before resuming the rally to $100K, predicts analysts.
If Bitcoin loses $66,000 support, it can drop further to $60,000.

The world’s largest cryptocurrency Bitcoin made an attempt to break past $70,000 on Monday, however, the bulls couldn’t hold on for long as selling pressure came back again within a few hours. As of press time, the Bitcoin price is trading at $67,776 with a market cap of $1.335 trillion.

Bitcoin Whale Accumulation

As per the data from CryptoQuant, the Bitcoin whale accumulation has surged significantly in recent times. Renowned crypto analyst Lark Davis has observed unprecedented buying activity from Bitcoin whales. According to Davis, this significant accumulation of Bitcoin by large holders indicates an imminent supply shock in the market.

Courtesy: CryptoQuant
Julio Moreno, Head of Research at CryptoQuant, highlights a crucial distinction 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.
Courtesy: CryptoQuant

BTC Price Pullback Before Long-Term Upside Resumes

Prominent 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.
Courtesy: 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.
Courtesy: Poppe