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\n\t\t\t\t\t\t\t\t\tSTHs moving about 60K BTC at a loss, and whales, whose exchange inflows have climbed recently, are selling into Strategy’s buying.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin (BTC) is trading around $75,000, about 24% higher than its recent bear-market low, thanks to a combination of institutional buying and geopolitical intrigue.<\/p>\n
However, on-chain data show the story is more complicated, with weaker holders offloading coins and whales sending more BTC to exchanges, casting doubt on whether we are witnessing a real trend reversal or just another bear-market bounce.<\/p>\n
According to analyst JA Maartunn, Strategy\u2019s raising of about $2.7 billion in just two days last week was one of the biggest catalysts for the uptick in Bitcoin\u2019s price. And today, the firm made one of its biggest BTC purchases in years, when it acquired<\/a> more than 34,000 BTC for about $2.5 billion.<\/p>\n However, all that activity still hasn\u2019t been enough to keep<\/a> the flagship cryptocurrency above the $77,000-$78,000 range, as noted by fellow market watcher Ted Pillows.<\/p>\n Maartunn explained<\/a> that the reason we haven\u2019t seen prices breaking higher may be because of two groups of sellers: short-term holders (STHs), who have moved approximately 60,000 BTC to exchanges, with their SOPR reading below 1 and confirming they are selling at a loss; and whales, who have increased their exchange inflows, which is a sign that they too are distributing into the current price range.<\/p>\n But there is one encouraging undercurrent: over the last 30 days, the supply of Bitcoin in the hands of long-term holders (LTHs) has increased by 354,000 BTC. According to Maartunn, that accumulation means that the asset is rotating from weaker, more reactive hands into those with a longer time horizon, something he says is a stabilizing force. But even with this, combined with Strategy\u2019s latest buy, the analyst is preaching caution.<\/p>\n \u201cThe key question: is it enough to push Bitcoin higher?\u201d he wondered. \u201cFor now, this still looks like a bear market rally\u2026 But a strong breakout could quickly shift the trend.\u201d<\/p>\n<\/blockquote>\n The macro backdrop is doing little to help Bitcoin\u2019s cause, with the asset reaching<\/a> as high as $78,400 last Friday after Iran\u2019s foreign minister announced that the Strait of Hormuz had reopened and US President Donald Trump made positive noises regarding peace talks between the two nations. However, Iran rubbished Trump\u2019s claims, and subsequent strikes<\/a> against each other caused BTC to drop below $74,000.<\/p>\n At the time of writing, the cryptocurrency had gone back above $75,000, representing a 6% increase in the last 7 days and nearly 9% over two weeks. However, it is still down by more than 11% on a one-year basis and still around 40% below its all-time high of over $126,000.<\/p>\n Meanwhile, in his assessment, Pillows said $72,000 is a key level for Bitcoin, and if it loses this, then it could retrace the entire \u201cceasefire pump.\u201d<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
Geopolitics Is Adding Fuel to an Already Unstable Mix<\/h2>\n
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