The Bitcoin price is now moving sideways after high volatility and is in a neutral position. The crypto king has struggled to find a clear direction in the past two weeks.
Currently, Bitcoin is moving within a range. This shows that the pressure between buyers and sellers is even. Therefore, investors' choices are likely to determine the next direction.
Concerns from Whales, support from MTHs
Chain data shows that younger owners are choosing to hold their holdings instead of selling. HODL waves indicate that the percentage of coins held by investors between one to three months has decreased by 5%. These holdings have now moved to the three to six months group. This means that fewer are selling in the short term.
This change shows that owners have become more resilient despite downturns. Bitcoin investors who are still at a loss are not selling in panic. Instead, the coins are being held for longer periods, which tends to stabilize the price. Less selling in the short term usually reduces downturns and strengthens support zones.
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Although many investors hold onto their coins, the whales have a different pattern. Since February 13, large owners have moved approximately 900,000 BTC worth 60 billion USD. These transfers indicate that large amounts may be preparing to sell after weak price movements.
If the whales continue to sell, it may create a new supply, especially when the price is moving sideways. Large sales increase resistance and weaken buying pressure. If key owners become impatient, prolonged selling pressure can create concern for Bitcoin and increase the risk of a larger downturn.
At the time of writing, Bitcoin is at 66,188 USD after the price fell below the support level of 67,394 USD. The asset is moving between 65,000 and 70,000 USD. This shows that the balance is holding. A clear breakout upward or downward is likely to set the next movement for Bitcoin.
In the last two weeks, BTC has moved in a symmetrical triangle pattern. The price shows no clear direction. However, if the whales continue to sell, the trend may turn downward. If the price falls below the triangle's support, Bitcoin could reach 64,142 USD. If that level gives way, BTC could drop towards 60,000 USD. A long lower shadow recently indicated that some wanted to buy on the dip.
On the other hand, if the whales sell less and owners hold onto the coins longer, the recovery may become stronger. New buyers may then push the price upward above the resistance in the range. If the price reaches 71,963 USD, the short-term negative situation will no longer apply. If the price breaks through this, the rise may continue towards 74,789 USD and restore optimism in the cryptocurrency market.