Bitcoin price analysis: Can whales stabilize the floor amid hashrate strain?
Bitcoin is trading in a defensive range between $67,000 and $68,000, with support near $65,000–$67,000 and resistance at $70,000–$72,000. Key metrics like the MVRV Z-Score and Ratio indicate subdued holder profitability. Declining spot volumes and a high hashrate are pressuring miners to sell, while long-term holders and whales are absorbing this supply—accumulating roughly 53,000 BTC weekly—to stabilize the floor and compress volatility. However, aggressive sell orders, ETF outflows (reaching $133 million in daily net outflow), and a 55% drop in open interest reflect weak institutional demand and leveraged deleveraging. This prolongs consolidation, delaying a recovery until structural bids strengthen and excess leverage is purged.
ambcrypto02/19 15:02
