There has been a decline in sales from major investors as the price of Bitcoin holds steady at $67,000, according to Julio Moreno, head of research at CryptoQuant.
Major investors are defined as those holding between 1,000 and 10,000 BTC.
Moreno also noted that the realized profit of Bitcoin holders is significantly lower compared to March or May.
At the time of writing, Bitcoin is trading at $66,670, having gained 3.5% over the past month. According to CoinGecko, the asset’s market capitalization stands at $1.31 trillion.
While the majority of the market is watching the support level at $65,000, trader Milkybull Crypto predicts continued growth.
“The next target to complete the weekly ‘Megaphone’ pattern is $69,000. The long-term target is in the $84,000-$88,000 range,” the expert stated.
According to Coinglass, a rise in Bitcoin to $69,000 would result in the liquidation of short positions worth nearly $900 million.
Bitcoin has not reached the $67,000 level since June 12, and traders are noting other optimistic indicators pointing to a continued upward trend.
Quinten Francois, co-founder of WeRate, noted that the Bollinger Bands are at their lowest levels since April 2016. This indicator measures the volatility of an asset within a specific range.
“It’s nice to see Bitcoin returning to the realized price for short-term holders. It’s like a magnet in bull markets,” added Trendstorm CEO Philip Swift.
Analyst On-Chain College highlighted Bitcoin’s breakthrough above a key level and its strengthening above the $64,000 support line.
“This happened after Bitcoin transitioned from weak hands to stronger ones,” he explained.
Previously, CryptoQuant analysts stated that Bitcoin had reached a local bottom, and now various metrics indicate upward momentum.
Recall that the Chief Investment Officer of Bitwise predicts Bitcoin will rise to $100,000 by the end of the year.
