Despite the recent decline, is seeing an interesting shift in investor behavior, with analysts like Crypto Tony betting on possible bullish momentum in the near future. Though the market is still highly unpredictable, a tendency for consolidation and holding on to gains is slowly showing up.
Crypto Tony recently commented that a break above could show the beginning of a new uptrend, referring to $58,300 as the key resistance level. The most recent makes a move in this direction, which indicates that though the price of Bitcoin remains highly unstable, key players may be preparing for a new phase of accumulation.
This comes after a spell of distribution that has been going on for several periods to wallets of all sizes. Following the all-time high of bitcoin back in March, investors sold their holdings for quite a while. However, it now appears that this trend is reversing and for the larger wallets often affiliated with exchange-traded funds. Major entities seem to once again start hoarding Bitcoin en masse—a potentially optimistic sign for the crypto’s future.
Bitcoin Long-Term Owners Change Course
The behavior of long-term holders is also changing course. LTHs are showing a renewed propensity to hang onto their assets after selling during the ATH run-up. In the past three months alone, more than That means a large portion of investors are choosing to hold rather than sell, and it might just be the development to prop Bitcoin’s price in the upcoming months.
Bitcoin accumulation now sits at 1.0 of the Accumulation Trend Score (ATS), which measures the weighted balance globally—thanks to high buying in the past month, particularly from long-term holders. These holders were previously in a so-called “phase distribution”; it seems things have changed. Their newfound interest in Bitcoin holdings could mean that confidence in the market is rising.
Bitcoin is currently trading at $60,801. Chart:
Spot Price Continues To Be Above Critical Level
Another positive is that the current price of bitcoin has continued to remain above the Active Investor Cost Basis (AICB). This measure for active coins indicates the average purchase cost. On a spot basis, remaining above this level does appear to be a strong indication of the market, even considering the aggressive distribution from April to July. It seems that investors are riding the brisk momentum that may shortly ensue and are preparing for an upward trend.
/ – Update
Weekly above $58,300 is the main goal for the bulls this week. Could provide a good base if we get it
— Crypto Tony (@CryptoTony__)
Key Long-Term Level Of Resistance To Watch
From a macro perspective, Bitcoin approaches a make-or-break level. Analysts have called $58,300 as a key level to watch. Crypto Tony commented that if Bitcoin were able to close above this resistance, it would be the start of something more interesting. In other words, this resistance level would present itself as an important obstacle to overcome, and if it does, tremendous buying pressure would likely ensue.
It’s also important to keep an eye on whale activity across the market. After all, massive trades from these larger investors can easily create large changes in the market. As Bitcoin nears the $58,300 level, activities from these whales could prove to be very important in determining the next trend.
Featured image from Pexels, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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