Bitcoin’s recovery from the $63,500 level is encouraging, but higher levels may face solid resistance from the bears.
After a short pullback, Bitcoin (BTC) has resumed its march toward the psychological resistance of $70,000. This suggests that every minor dip is being purchased. CryptoQuant CEO Ki Young Ju said in a post on X that “358K BTC has moved to permanent holder addresses” in July, suggesting that Bitcoin is “in an accumulation phase.”
World’s largest Bitcoin miner, Marathon Digital Holdings, added $100 million in Bitcoin to its Bitcoin holdings over the past month to take its total to more than 20,000 Bitcoin. The firm’s CEO and chairman, Fred Thiel, said in a July 25 X post that Marathon will “now go full HODL” in keeping Bitcoin as their strategic treasury reserve asset.
While most analysts are bullish for the long term, some have turned cautious in the near term. Capriole Investments founder Charles Edwards told Cointelegraph that the launch of Ether (ETH) exchange-traded funds (ETFs) in a somewhat weak market may create sell pressure in Bitcoin if some Bitcoin ETF institutional investors plan to diversify their holdings.
