Bitcoin’s formidable sellers have relaxed their grip, allowing the cryptocurrency to maintain its ascent over the past week, solidifying its position above the $67,000 threshold.

“Large-scale Bitcoin vendors have reached a state of exhaustion, with valuation metrics indicating positive momentum,” stated CryptoQuant’s head of research, Julio Moreno, in a July 20 post on X, referencing investors holding between 1,000 to 10,000 BTC.

Moreno further noted, “Realized profits are negligible compared to those observed in March or May,” when Bitcoin surpassed $71,000 during both months. Bitcoin achieved its zenith on March 13, peaking at $73,679. As of now, Bitcoin is trading at $67,088, reflecting a 12.15% increase over the past seven days, according to CoinMarketCap.

Traders are keenly observing whether Bitcoin will maintain its stance above the critical $65,000 support level, with speculative chatter about its potential to reach $69,000. “Bitcoin’s next target in completing the weekly megaphone price pattern is $69k,” asserted crypto trader Milkybull Crypto. He added, “The megaphone pattern’s objective lies between $84k-$88k.”

A surge to $69,000 would nullify $261.9 million in short positions, as per CoinGlass data.

Indicators Point to a Bullish Continuation

Despite not breaching the $67,000 level since June 12, traders have identified several bullish signals suggesting the uptrend may persist. “Weekly Bollinger Bands are at their lowest levels ever recorded,” remarked Quinten Francious, host of the YouTube channel Young and Investing, in a July 19 X post. This tool gauges the momentum and volatility of an asset within a specified range.

Philip Swift added, “It’s promising to see Bitcoin’s price reverting to the Short-Term Holder Realized Price,” a key metric for traders, representing the aggregate cost basis of more speculative Bitcoin holders—wallets holding Bitcoin for 155 days or less.

This follows a tumultuous month for Bitcoin, which saw its price plunge below $60,000 to $53,905 on July 5 before rebounding. “Bitcoin breaking above a key level indicates strong momentum and a robust support area at $64K,” the On-chain College trading account commented in a July 20 X post. “This follows a phase of BTC transitioning from weaker to stronger hands,” the account added.