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Bitcoin whales not selling, BTC has strong support above $60,000
Bitcoin is growing, recently surpassing $67,000 and is heading towards the all-important $70,000, a psychological round figure. One analyst addressed X amid this surge, pointing out that whales holding over 1,000 BTC are not moving their coins across exchanges. Instead, they probably expect prices to rise in the coming days and weeks.
While movements over the weekend were modest, today’s extension is overly bullish for optimistic traders. When BTC prices rise, coin holders (and sometimes whales) usually take profits, especially if the gains are unstable and not that strong.
Whales are not selling, are more profits expected?
However, the current cycle looks like whales are holding on, expecting prices to recover strongly. The analyst Notes that the 30-day average is 641 BTC, with a sharply declining reading starting from mid-2023.
This means that whales are bullish and indifferent to short-term price movements. While this observation does not necessarily mean that bulls are expecting a moon shot, they maintain the outlook that prices could rise in the coming sessions.
Accompanying the breakout above $66,0000, on-chain data Shows that the market value to realized value (MVRV) ratio is also increasing. According to the analyst, the MVRV ratio for those who have held BTC for between 1 and 3 months has surpassed 66,500.
This expansion means they have moved out of the “unrealized loss” zone, signaling a change in sentiment among holders of short-term securities. At spot rates and prices trading above $66,700, above the $66,500 level, HODLer they are in the green and can exit for a 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 Notes that over 530,000 BTC traded at $66,250. As a result, this line turns out to be a strong and reliable support. If the bulls absorb the selling pressure, the line at $66,250 could serve as a reliable anchor for the next step towards the all-time high.
Analysts agree that the zone above $60,000 represents a reliable support level. Leading to X, another analyst She said that the Bitcoin Short-Term Holder Cost Basis (STHCB) is increasing and stands at $60,700. Historically, STHCB has acted as dynamic support during bull runs and as resistance in bear markets.
In on-chain analysis, STHCB is a metric that tracks the average price at which short-term holders (those who hold BTC for less than 180 days) purchased their coins.
Historically, the STHCB has acted as a support level during bull runs and as a resistance level during bear markets. Currently, STHCB stands at $60.7k and is steadily rising, suggesting a potential bottom level for the price.
Featured image from DALLE, chart from TradingView