Bitcoin price holds above $67,000 as market enters consolidation phase

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Bitcoin price holds above $67,000

Highlights

Bitcoin holds above $67,000 after rebounding from $62,800.
Key resistance stands between $68,000 and $68,250, with support at $67,000.
The 74,500 dollar level remains critical for easing selling pressure.
Long term holder balances have risen to 13.96 million BTC, the highest level in three months.

Technical and onchain data indicate a decline in aggressive selling, though a sustained reversal has yet to be confirmed by fresh capital inflows.

Technical structure and key levels

After forming a base above $66,500, BTC tested $68,000 but faced resistance. The asset is trading above its 100 hour moving average, with the RSI holding above 50, while the MACD is gradually losing momentum in bullish territory.

Immediate resistance stands between $68,000 and $68,250. A breakout could open the path toward $69,500 and a retest of $70,000. Support levels are located at $67,000, $66,250 and $65,500. Holding these levels would preserve the structure of a higher low.

Onchain metrics highlight the importance of the 74,500 dollar level, which represents the average acquisition price of coins held for six months to two years. The MVRV ratio for this cohort stands near 0.88, meaning many holders remain at an unrealized loss. A move above $74,500 could reduce selling pressure from this group. Long term holder balances have risen to 13.96 million BTC, a three month high, signaling tightening liquid supply.

At the time of writing, Bitcoin is trading at $67,840, up 0.50 percent over the past 24 hours.

BTC price performance. Source: TradingView

Market takes a pause

Analyst Willy Woo said bearish investor sentiment appears to have run its course but warned that the market could remain range bound for up to a month. He added that sustained growth is unlikely without a reversal in liquidity trends.

Bitwise CIO Matt Hougan believes the market is in the process of forming a bottom. He noted that selling pressure is easing, though confirmation of a new cycle will take time. Michaël van de Poppe also described the current phase as accumulation ahead of the next potential impulse.

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Santiment data show nearly 20,000 wallets holding more than 100 BTC. Meanwhile, Glassnode reports that realized capitalization growth, a proxy for capital inflows, remains near 0 percent, pointing to a neutral environment.

What it means for investors

The market is at an equilibrium point. To confirm a reversal, BTC must hold above $67,000 while realized capitalization shows sustained growth of 2 to 4 percent. Historically, such shifts have marked the start of new upward phases.

Past volatility compression phases of 10 to 15 percent have been followed by moves of 20 to 35 percent within weeks. A decisive move above $74,500 would alter supply dynamics and ease pressure from mid term holders.

In that case, the next strategic target could be the 90,000 to 100,000 dollar zone. Until new institutional demand emerges, the 60,000 to 70,000 dollar range remains the base scenario.

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