bitcoin is rising, recently surpassing $67,000 and heading towards the all-important $70,000, a round psychological number. One analyst took to x amid this rally and noted that whales holding more than 1,000 btc are not moving their coins to exchanges. Instead, they probably expect prices to rise further in the coming days and weeks.
Although the moves over the weekend were moderate, today's extension is too bullish for bullish traders. As btc prices rise, coin holders (and sometimes whales) usually make profits, especially if the profits are unstable and not as strong.
The whales are not sold, are more profits expected?
However, the current cycle looks like whales are holding out and waiting for prices to rebound strongly. the analyst x.com/AxelAdlerJr/status/1792415897975689443″ target=”_blank” rel=”nofollow”>grades that the 30-day average is 641 btc, and the reading has decreased sharply since mid-2023.
This means that the whales are optimistic and are not affected by short-term price movements. Although this observation does not necessarily mean that the bulls are expecting a moonshot, they maintain the prospect that prices could rise in the coming sessions.
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Accompanying the break above $66.0000, on-chain data x.com/AxelAdlerJr/status/1792444444186206493″ target=”_blank” rel=”nofollow”>sample that the ratio of market value to realized value (MVRV) is also increasing. According to the analyst, the MVRV ratio for those who have held btc for between 1 and 3 months has exceeded 66,500.
This expansion means they have moved out of the “unrealized loss” zone, indicating a change in sentiment among short-term holders. At spot rates and prices trading above $66,700, above the $66,500 level, HODLers are in the green and can exit for profit or HODL.
bitcoin Finds Strong Support Above $60,000
It remains to be seen how prices will react in the short and medium term. However, another analyst x.com/ali_charts/status/1792479944586448945″ target=”_blank” rel=”nofollow”>grades that more than 530,000 btc were traded at $66,250. Consequently, this line turns out to be a solid and reliable support. If the bulls absorb the selling pressure, the $66,250 line can act as a reliable anchor for the next leg towards an all-time high.
Analysts agree that the area above $60,000 is a reliable support level. Bringing x, another analyst x.com/OnChainCollege/status/1792292369267556781″ target=”_blank” rel=”nofollow”>saying that the short-term holder cost basis of bitcoin (STHCB) is increasing and stands at $60,700. Historically, STHCB has acted as dynamic support during bull runs and resistance in bear markets.
In on-chain analysis, the STHCB is a metric that tracks the average price at which short-term holders (those holding btc for less than 180 days) purchased their coins.
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Historically, the STHCB has acted as a support level during bull runs and a resistance level during bear markets. Currently, STHCB stands at $60.7K and is steadily rising, suggesting a potential floor for the price.
Featured image of DALLE, TradingView chart
