NOIDA (CoinChapter.com)—Bitcoin has remained fairly quiet after its post-halving rally with BTC whales not dumping the token, which is breaking above $66,000. Bulls failed to hold on to the level due to the relatively high bearish pressure against the token, while Bitcoin whales continued accumulating Bitcoin rather than dumping it post-halving.
Although Bitcoin faces some strong macro and geopolitical headwinds, confidence in BTC’s future price action remains high.
Whales Not Letting Go Of Their BTC Wallets
Bitcoin whales, holding between 1,000 to 10,000 BTC, are steadily increasing their share, now owning 25.16% of the total supply, according to a post from the on-chain data provider Santiment. In light of BTC whales not dumping Bitcoin post-halving, their behavior underscores confidence in the cryptocurrency’s value trajectory.
Moreover, the sentiment score reflects a neutral position despite the market’s expectation of Bitcoin reaching the $70,000 price point. This level represents a key resistance that will challenge the market’s momentum.
Furthermore, the prospect of Bitcoin’s price reaching $70,000 has the market in a state of FOMO. Coupled with BTC whales’ hodling pattern, FOMO could help increase buying pressure for Bitcoin.
The dynamic between whale accumulation and the general sentiment is a central factor in the market’s current state. Yet, the increase in whale holdings could be a double-edged sword, as a sell-off from these investors could result in a massive price crash for the token.
Bitcoin Bulls Fail To Keep Prices Above $66,000
Meanwhile, following a minor bull run after the halving event, BTC price reclaimed the 50-day EMA (purple wave) dynamic support. Bears succeeded in pushing the token below $66,000, resulting in the token dropping nearly 3% to a daily low near $64,730.
The bears are now targeting the $65,000 price level.
If the bearish cues overshadow the post-halving euphoria, the BTC price could drop to support near $63,000. Moreover, an averse action by the Bitcoin whales could introduce FUD in the market, resulting in the token testing support near $58,400 before recovering.
On the other hand, the post-halving optimism could drive Bitcoin’s price to resistance near $69,500. Breaking and consolidating above the immediate support could induce confidence in BTC’s post-halving price run, helping the token target resistance near $74,300.
The relative strength index, or RSI, remained neutral for BTC, clocking at 47.52 on the daily charts.
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