Bitcoin’s value is on the rise, holding strong above $60,000 and showing promising signs on the daily chart. As the trend shifts, there may be further upward movement, potentially breaking through resistance levels at $66,000 and $72,000.
Bitcoin Bullish Momentum: Eyeing $72,000?
An analyst highlighted that long-position liquidations have reached an equilibrium, indicating a predominance of buyers over sellers from June to mid-July. This shift suggests a bullish sentiment in the market.
The reduced dominance of long position liquidations implies a lack of confidence in betting on lower prices, providing a favorable environment for buyers to drive the price higher. With Bitcoin surpassing $60,000 and nearing $66,000, further gains could be on the horizon.
Recent chart analysis indicates a strong buyer presence, with Bitcoin trading within a bullish breakout pattern and recovering losses from earlier in July. Additionally, the coin is currently above the middle Bollinger Band, a crucial level not breached for over a month.
Following a rebound from a drop below $16,000 in late 2022, Bitcoin has shown resilience, setting the stage for a potential move towards all-time highs above $73,000, despite a significant correction earlier this year.
Increased Trader Activity, Strong Holder Sentiment
Short-term Bitcoin holders have increased by 200,000 BTC in the past week, indicating growing trader involvement. These short-term holders, who typically hold the asset for less than 155 days, contribute to market dynamics.
Simultaneously, a decline in the number of addresses selling Bitcoin indicates strong holder sentiment. Despite recent volatility, fewer holders are willing to part with their Bitcoin, signaling optimism for the future.
