Bitcoin

<p>Bitcoin, the world’s largest cryptocurrency, aimed to surpass the $70,000 mark on Monday. However, the bullish momentum was short-lived as selling pressure resurfaced within hours. Currently, the <a href="https://coingape.com/bitcoin-price-regains-70000-memorial-day-rally-in-play/" target="_blank" rel="noopener">Bitcoin</a> price stands at $67,776 with a market capitalization of $1.335 trillion.</p> 
<h3 id="bitcoin-whale-accumulation">Bitcoin Whale Accumulation</h3> 
<p>As per the data from CryptoQuant, the Bitcoin whale accumulation has surged significantly in recent times. Renowned crypto analyst Lark Davis has observed unprecedented buying activity from Bitcoin whales. According to Davis, this significant accumulation of Bitcoin by large holders indicates an imminent supply shock in the market.</p> 
<figure id="attachment_199124" aria-describedby="caption-attachment-199124" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-199124" src="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-whale-accumulation.jpeg" alt="" width="2048" height="1152" srcset="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-whale-accumulation.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-whale-accumulation-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-whale-accumulation-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-whale-accumulation-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-whale-accumulation-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-whale-accumulation-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-whale-accumulation-150x84.jpeg 150w" sizes="(max-width: 2048px) 100vw, 2048px">
 <figcaption id="caption-attachment-199124" class="wp-caption-text">
  Courtesy: CryptoQuant
 </figcaption>
</figure> 
<p>Julio Moreno, Head of Research at CryptoQuant, highlights a crucial distinction in Bitcoin’s market behavior. Moreno explains that BTC trading at $70K now differs significantly from its price at $70K in March.</p> 
<p>Currently, unrealized profits stand at a modest 3%, compared to a substantial 69% in early March. This indicates a much lower selling pressure from traders, suggesting that heavy selling has already been exhausted according to this metric.</p> 
<figure id="attachment_199126" aria-describedby="caption-attachment-199126" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-199126" src="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price.jpeg" alt="" width="3840" height="2160" srcset="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price.jpeg 3840w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price-2048x1152.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-Realized-Price-150x84.jpeg 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-199126" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://x.com/jjcmoreno/status/1795128460504912163/photo/1" target="_blank">CryptoQuant</a>
 </figcaption>
</figure> 
<h3 id="btc-price-pullback-before-long-term-upside-resumes">BTC Price Pullback Before Long-Term Upside Resumes</h3> 
<p>Prominent crypto analyst CrediBULL Crypto expresses optimism about Bitcoin’s current long positions. In a recent analysis, he noted, “Longs on $BTC looking great here. I would have no qualms if we simply continued pumping from here, but I think something like this makes a lot of sense right now.”</p> 
<p>He added that his long positions are higher timeframe swings, which he plans to hold and potentially increase if the market scenario aligns. If the market continues its current trajectory, he anticipates riding the longs to surpass $100K.</p> 
<figure id="attachment_199134" aria-describedby="caption-attachment-199134" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-199134" src="https://coingape.com/wp-content/uploads/2024/05/BTCUSD-2.jpeg" alt="" width="2818" height="1464" srcset="https://coingape.com/wp-content/uploads/2024/05/BTCUSD-2.jpeg 2818w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-2-300x156.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-2-1224x636.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-2-768x399.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-2-1536x798.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-2-2048x1064.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-2-150x78.jpeg 150w" sizes="(max-width: 2818px) 100vw, 2818px">
 <figcaption id="caption-attachment-199134" class="wp-caption-text">
  Courtesy: CrediBULL Crypto
 </figcaption>
</figure> 
<p>Crypto analyst Michael van de Poppe recently provided insights on <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin’s price</a> consolidation strategy. He indicated that Bitcoin aims to stabilize at current levels. Addressing potential buying opportunities, van de Poppe suggested, “Losing $66K and I think we’ll test range low ($60K) and be buying there again. That’s the level where you’d want to get your purchases ready.” Investors are advised to prepare for potential entry points if Bitcoin’s price dips below the $66K mark.</p> 
<figure id="attachment_199135" aria-describedby="caption-attachment-199135" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-199135" src="https://coingape.com/wp-content/uploads/2024/05/BTCUSDT.png" alt="" width="1617" height="826" srcset="https://coingape.com/wp-content/uploads/2024/05/BTCUSDT.png 1617w, https://coingape.com/wp-content/uploads/2024/05/BTCUSDT-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/05/BTCUSDT-1224x625.png 1224w, https://coingape.com/wp-content/uploads/2024/05/BTCUSDT-768x392.png 768w, https://coingape.com/wp-content/uploads/2024/05/BTCUSDT-1536x785.png 1536w, https://coingape.com/wp-content/uploads/2024/05/BTCUSDT-150x77.png 150w" sizes="(max-width: 1617px) 100vw, 1617px">
 <figcaption id="caption-attachment-199135" class="wp-caption-text">
  Courtesy: Poppe
 </figcaption>
</figure> 
<p>The post <a href="https://coingape.com/bitcoin-whales-in-accumulation-mode-btc-price-seller-exhaustion-apparent/">Bitcoin Whales In Accumulation Mode, Selling Pressure Drops</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin Whales In Accumulation Mode, Selling Pressure Drops

Table of Contents

Coingape News Media

Other articles published on May 28, 2024

P2P.org New API Enables Direct Ether Restaking on EigenLayer

Sandbox Announced Sandbox DAO Initiating First Phase On May 28

Top 3 Cryptocurrency Picks Under $1 Poised for a 100X Price Leap

Mt. Gox Moves $9.6B Bitcoin: Are Creditors Finally Being Repaid?

What Is Data Availability in Blockchain?

Bullish Bitcoin options dominate May’s $6.5 billion expiry

Join our free newsletter for daily crypto updates!