Bitcoin Bull Market Support Band Is At Resistance And Potential Price Drop
Key Points:
- Bitcoin Bull Market Support Band is being rejected, risking a retest at $26k.
- The current cycle mirrors 2019, signaling a potential turning point.
- Ownership dynamics show non-whale wallets at 41.1%, whales at 55.5%.
The Bitcoin Bull Market Support Band shows the price is facing resistance, with a potential drop to $26k. Bitcoin’s current cycle is compared to 2019, and non-whale wallets are increasing.
Rekt Capital, a renowned expert in Bitcoin analysis, recently shared insights that suggest an intriguing development in the current crypto landscape.
Bitcoin is presently facing a significant challenge as it appears to be rejecting the Bull Market Support Band cluster of moving averages. A weekly candle close below these levels could cement them as new resistances, potentially causing a price retest around the $26,000 mark.
Rekt Capital also pointed out an intriguing comparison to Bitcoin’s past cycles. It’s currently at a juncture similar to that of 2019, indicating a potential turning point in its trajectory. As of this writing, BTC is trading at around $26,600, according to CoinMarketCap data.
Santiment, on the other hand, has contributed valuable data regarding Bitcoin ownership. Their recent report highlights a notable shift in ownership dynamics. Non-whale wallets with less than 100 BTC now hold a significant 41.1% of the available supply. In contrast, whale addresses, possessing 100 to 100,000 BTC, now hold 55.5% of the supply, marking their lowest level since May.
This data suggests that smaller holders are increasingly participating in Bitcoin ownership, potentially indicating a democratization of the cryptocurrency landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Author
Analysis
Bitcoin Bull Market Support Band Is At Resistance And Potential Price Drop
Key Points:
- Bitcoin Bull Market Support Band is being rejected, risking a retest at $26k.
- The current cycle mirrors 2019, signaling a potential turning point.
- Ownership dynamics show non-whale wallets at 41.1%, whales at 55.5%.
The Bitcoin Bull Market Support Band shows the price is facing resistance, with a potential drop to $26k. Bitcoin’s current cycle is compared to 2019, and non-whale wallets are increasing.
Rekt Capital, a renowned expert in Bitcoin analysis, recently shared insights that suggest an intriguing development in the current crypto landscape.
Bitcoin is presently facing a significant challenge as it appears to be rejecting the Bull Market Support Band cluster of moving averages. A weekly candle close below these levels could cement them as new resistances, potentially causing a price retest around the $26,000 mark.
Rekt Capital also pointed out an intriguing comparison to Bitcoin’s past cycles. It’s currently at a juncture similar to that of 2019, indicating a potential turning point in its trajectory. As of this writing, BTC is trading at around $26,600, according to CoinMarketCap data.
Santiment, on the other hand, has contributed valuable data regarding Bitcoin ownership. Their recent report highlights a notable shift in ownership dynamics. Non-whale wallets with less than 100 BTC now hold a significant 41.1% of the available supply. In contrast, whale addresses, possessing 100 to 100,000 BTC, now hold 55.5% of the supply, marking their lowest level since May.
This data suggests that smaller holders are increasingly participating in Bitcoin ownership, potentially indicating a democratization of the cryptocurrency landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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