Bitcoin Whales Accumulating Below $70,000: Which Way Next For Upbeat BTC?
Bitcoin is weak, per the performance in the daily chart. If buyers break $70,000, the BTC uptrend will remain
Bitcoin extended losses yesterday, pushing the coin closer to the $66,000 and $63,000 support zone. From the daily chart, it appears that the tables are turning, and if prices don’t revert higher today, it could mean that the local resistance at $69,000 and $70,000 is crucial. In the days to come, there will be politics, and how politicians view the space will determine the pace at which the coin races higher or dumps.
As is it, Bitcoin is down 1% in the past day but mostly stable in the previous trading week. Amid fears of more losses, the average trading volume is at $28 billion. Overall, it is higher than average, signaling that more traders are in the equation, possibly exiting.
The following Bitcoin news events are worth watching in the coming sessions:
- As prices contract, on-chain data shows that more whales are accumulating, moving coins from centralized exchanges. At the same time, there is institutional demand, looking at inflows via spot ETFs. On July 30 alone, there was net inflow of around $140 million.
- Bitcoin is mostly weak, sliding after news of the United States government moving $2 billion worth of the coin. According to trackers, this stash was split into two tranches and moved to a custodian. It remains to be seen whether the government is unloading.
Bitcoin Price Analysis
At spot rates, Bitcoin is choppy, and sellers are flowing back.
Even so, BTC/USD buyers are upbeat, expecting prices to edge higher.
From the look of things, prices are moving horizontally, with caps at around $70,000 and $63,000.
Considering the state of affairs, traders can wait for a close in either position.
If buyers take over, extending gains from mid-July, the coin might fly to $72,000 and $74,000 in a buy trend continuation formation.
Conversely, sharp losses below $63,000 and $60,000 would open up Bitcoin to $56,000 and $53,500.
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