Bitcoin Price Eyes $70k Rally as Long-Term Holders Accumulate at Record Pace

Quick Summary:

The demand pressure at $55000 has managed to stabilize the prevailing bearish sentiment but the overhead supply is intact amid the German government’s liquidation of BTC.

The Bitcoin price has been wavering in an uncertain trend since last weekend.

Whales’ $BTC holdings grow at a 6.3% rate, despite increased supply from seized coins & Mt.Gox distributions.

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Article Details

Author / Journalist: Sahil Mahadik

Category: Crypto

Markets: India

Topics: Price Analysis BTC price Bitcoin Price Analysis

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-13 @ 16:40:55 (3 days ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 392 words

Reading Time: 3 minutes read

Sentences: 40 lines

Sentence Length: 10 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 21597262

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About CoinGape

Main Topics: Crypto

Official Website: coingape.com

Update Frequency: 22 posts per day

Year Established: 2017

Headquarters: India

News Last Updated: 9 hours ago

Coverage Areas: India

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