Bitcoin has been trading in a bullish pattern after recovering from last week’s dip, notably on July 15 when prices surged past the 20-day moving average.<\/p>\n
Despite the positive outlook, some weaknesses are emerging. On July 23, prices retraced from over $67,500 to dip below the significant support level of $66,000.<\/p>\n
If sellers intensify their selling pressure by the end of the trading day, reversing recent gains, it could slow down the upward momentum, challenging the optimism seen in the previous week.<\/p>\n
Bitcoin, while still resilient and close to its all-time highs, is being closely watched by analysts with a generally optimistic view. According to one analyst on X, exchange activity has been increasing steadily.<\/p>\n
Recent data shows that the Average Exchange Volume Flow (AEVF), which tracks Bitcoin trading volume across platforms like Coinbase and Binance, has surged by 9% in the last few days.<\/p>\n
This rise in exchange activity indicates a potential market recovery, but it needs to surpass the average annual volume threshold. The AEVF indicator should grow by another 11% to exceed 45%, a level observed during the previous bull run when Bitcoin peaked at $73,800.<\/p>\n
Despite the sluggish uptrend, reports show that large investors, particularly those holding over 10,000 BTC, have been aggressively accumulating assets over the past week.<\/p>\n
Their increased buying coincides with the market’s upward trend since July 15, breaking through key resistance levels, notably surpassing $62,500 and reaching $68,000 over the weekend.<\/p>\n
Currently, the average buying price for new large investors, as highlighted by the analyst, stands at around $64,000. If prices remain above this level, it reinforces the bullish sentiment, preventing major holders from reconsidering their positions.<\/p>\n
As market participants observe potential buying behaviors during price dips, it’s crucial to monitor how prices react at critical resistance levels.<\/p>\n
Focusing on the daily chart, Bitcoin must fend off lower price levels below $66,000 and gather momentum to breach the $70,000 and $72,000 thresholds, which have historically formed key support or resistance zones.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has been trading in a bullish pattern after recovering from last week’s dip, notably on July 15 when prices surged past the 20-day moving average. Despite the positive outlook, some weaknesses are emerging. On July 23, prices retraced from over $67,500 to dip below the significant support level of $66,000. If sellers intensify their […]<\/p>\n","protected":false},"author":1,"featured_media":16251,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Bitcoin in a Consolidation Phase Despite Increased Whale Holdings: Traders Keeping Tabs on Exchange Activity - Bitrabo","description":"Bitcoin has been trading in a bullish pattern after recovering from last week's dip, notably on July 15 when prices surged past the 20-day moving average. Despi"},"footnotes":""},"categories":[316],"tags":[1182,448,590,6488,1008,5750,6485,6486,976,498,6487],"class_list":["post-16250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-accumulation","tag-bitcoin","tag-exchange","tag-exchange-metric","tag-metric","tag-monitoring","tag-slowing","tag-slowing-down","tag-traders","tag-whale","tag-whale-accumulation"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/16250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=16250"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/16250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/16251"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=16250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=16250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=16250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}