- Long-term Bitcoin holders showed confidence, selling less despite market swings and approaching record highs.
- Bitcoin’s strong support at $63,440-$65,470 and growing liquidity suggested potential for upside momentum.
Founder and CEO of CryptoQuant Ki Young Ju recently commented on the behavior of Bitcoin [BTC] investors.
He stated that those who had held Bitcoin for six months to two years have now largely sold off their holdings as the crypto neared its previous all-time high.
The founder noted,
“If you sell Bitcoin now, you probably haven’t owned it for more than three years because experienced holders aren’t selling.”
This behavior suggested that long-term investors have maintained their confidence in Bitcoin’s long-term value.
CrypNuevo too discussed Bitcoin’s future trajectory, noting that liquidity at the $68.9k level was steadily increasing.
According to CrypNuevo, it seems inevitable that Bitcoin will reach this level, although it remains uncertain whether there will be a dip before this level is reached or whether the price will continue to rise immediately.
Source:
According to analyst Ali Martinez, Bitcoin is currently.
“Breaking multiple trend lines in the hourly chart.”
He also identified one crucial level of support for Bitcoin between $63,440 and $65,470, with 1.89 million addresses acquiring 1.23 million BTC.
This support zone is critical as it indicates strong buying interest at these levels, which could help stabilize the price during any dips.
Current market conditions
At the time of writing, Bitcoin was priced $66,680.44, with a 24-hour trading volume of $43,180,179,849. The price of Bitcoin has fallen by 0.85% in the past 24 hours.
The 9-day simple moving average (SMA) stood at 6599, indicating that the recent price was slightly above this level, indicating a short-term bullish trend.
The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover, with the MACD line crossing above the signal line earlier in July.
This bullish signal was supported by increasing green histogram bars, indicating growing momentum.
However, caution is advised as the MACD approaches overbought territory, which could signal a possible reversal or correction.
Source: TradingView
At the time of writing, the Relative Strength Index (RSI) stood at 61.45, which suggests the market is in bullish territory, but not yet overbought.
The RSI has risen from the oversold levels seen in late June, reflecting strengthening upward momentum.
Despite the bullish sentiment, the RSI approaching the 70 level could be a sign of an emerging overbought environment, warranting vigilance against possible bearish divergence or trend reversal.
Activity in the chain
On-chain data showed that active addresses fluctuated, with a significant spike in late February and early April, but generally declining towards July, with the latest count at 766K.
Source: Santiment
Read Bitcoin’s [BTC] Price forecast 2024-25
The number of transactions reflects this trend, with notable peaks in activity during the same periods and the latest number of transactions at 185,000.
This drop in on-chain activity indicated reduced engagement and reduced transaction volume in recent months, in line with general market trends.