- CryptoQuant’s CEO tweeted today that selling pressure for BTC has dwindled.
- The CEO speculated that BTC’s top for this cycle may not have been recorded yet.
- At press time, BTC was trading at $29,220.03 following a 24-hour gain of 0.30%.
The CEO of CryptoQuant, Ki Young Ju, revealed in a tweet earlier today that approximately 71% of the realized capitalization for Bitcoin (BTC) is unmoved BTC older than 6 months. According to Young Ju, this indicates that there is a low amount of selling pressure for the market leader from long-term holders.
As a result, the CEO also mentioned that this decreased selling pressure may not guarantee an increase in BTC’s price. However, he speculated that it is less likely that the cryptocurrency has reached its top for this latest cycle.
The belief that BTC has not yet reached its top for this cycle seems to be true, as CoinMarketCap indicated that the leading cryptocurrency had climbed 0.30% over the past 24 hours. This positive daily performance elevated BTC’s price to $29,220.03 at press time. It was, however, not enough to flip BTC’s weekly performance into the green zone.
Trading volume for BTC had declined by 25.88%. As a result, the total volume was estimated to be $10,736,533,286 at press time. The cryptocurrency was also trading slightly closer to its 24-hour high of $29,382.11. Meanwhile, its daily low sat at around $29,097.47.
From a technical perspective, BTC’s price had dropped below the 20-day and 50-day EMA lines on Monday, where it continued to trade at press time. As a result, it was resting on the crucial support at $29,075. Should it break below this level, it may be at risk of dropping to the next key level at $28,000.
On the other hand, if BTC is able to close today and tomorrow’s daily candles above $29,075, then it may look to reclaim a position above the 50-day EMA line at $29,355.67. Continued buy pressure could push BTC to above $30K as well. Should this happen, the cryptocurrency will have a clear path to rise to $31,800 in the following couple of weeks.
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