Bitcoin Bull Market Support Band Is At Resistance And Potential Price Drop
The Bitcoin Bull Market Support Band shows the price is facing resistance, with a potential drop to $26k. Bitcoin’s current cycle is compared to 2019, and non-whale wallets are increasing.
Rekt Capital, a renowned expert in Bitcoin analysis, recently shared insights that suggest an intriguing development in the current crypto landscape.
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Bitcoin is presently facing a significant challenge as it appears to be rejecting the Bull Market Support Band cluster of moving averages. A weekly candle close below these levels could cement them as new resistances, potentially causing a price retest around the $26,000 mark.
Rekt Capital also pointed out an intriguing comparison to Bitcoin’s past cycles. It’s currently at a juncture similar to that of 2019, indicating a potential turning point in its trajectory. As of this writing, BTC is trading at around $26,600, according to CoinMarketCap data.
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Santiment, on the other hand, has contributed valuable data regarding Bitcoin ownership. Their recent report highlights a notable shift in ownership dynamics. Non-whale wallets with less than 100 BTC now hold a significant 41.1% of the available supply. In contrast, whale addresses, possessing 100 to 100,000 BTC, now hold 55.5% of the supply, marking their lowest level since May.
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This data suggests that smaller holders are increasingly participating in Bitcoin ownership, potentially indicating a democratization of the cryptocurrency landscape.
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