The Bitcoin price is consolidating after recent volatility and is moving within a neutral structure. The largest coin has struggled to form a clear trend over the past two weeks.
At this moment, Bitcoin remains within a range, indicating a balanced pressure between buyers and sellers. This equilibrium shows that the behavior of investors is likely to determine which direction the price moves from now on.
Concerns among whales, support from MTH’s
On-chain data shows that younger holders are choosing to HODL and not exit their positions. HODL waves indicate that the supply held by investors for one to three months has decreased by 5%. These coins have transitioned to the three to six-month group, indicating less short-term selling pressure.
This shift indicates that holders are becoming more resilient, despite recent declines. Bitcoin investors who are still in the red are not selling in panic. Instead, the coins are aging into long-term categories, which historically leads to more price stability. Less short-term selling often reduces volatility on the downside and strengthens support zones.
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Although the behavior of some holders appears stable, whale activity presents a different picture. Since February 13, large holders have moved approximately 900,000 BTC, worth $60 billion. These transactions suggest that a lot of capital may be preparing to exit positions after a limited price increase.
Ongoing sales by whales could cause a supply shock, especially when the price remains within a range. Large sales create more resistance and weaken bullish momentum. If key holders become increasingly impatient, sustained selling pressure could undermine BTC stability and increase the likelihood of a larger correction.
Bitcoin is currently trading at $66,188, after a drop below the support level of $67,394. The asset remains trapped between $65,000 and $70,000. This consolidation range shows the ongoing equilibrium. A clear breakout or breakdown will likely determine the next major move of the Bitcoin price.
Over the past two weeks, BTC has formed a symmetrical triangle pattern. The price movement does not yet show a clear direction. However, ongoing selling by whales could push the balance downward. If the price drops below the triangle support, Bitcoin could go to $64,142. If that level is lost, a decline towards $60,000 may occur. Notably, a recent long lower shadow indicates interest in buying the dip.
Conversely, if the dispersion by whales decreases and medium-term holders transition to long-term holders, recovery opportunities may increase. New demand could lead to a breakout above the range resistance. A sustained rise towards $71,963 would invalidate the current bearish scenario. If that level is broken, the rise could continue to $74,789, restoring bullish momentum in the broader crypto market.