July looks promising for the crypto queen. The accumulation by large investors, which has intensified over the past two weeks, indicates a resumption of the uptrend. In this context, it is possible that bitcoin (BTC) registers a monthly close in the green. It may not be too late to buy!
The “big” wallets continue to accumulate
After two months of bear market, the crypto market recently experienced a significant recovery. The price of bitcoin (BTC) has rebounded over 25% from the support level at $25,200. This rise is likely to continue as wallets holding more than 10 BTC continue to accumulate.
Indeed, over the past 7 weeks, Bitcoin whales and sharks have collectively accumulated 154,500 BTC. According to platform data Saniment, a large portion of these purchases have taken place in the past 2 weeks. Demand for Bitcoin ETFs from major financial institutions has fueled this buildup. Currently, these large wallets hold 13 million BTC tokens, or 67% of the total supply.
This could ease the selling pressure caused by the SEC’s crackdown on exchanges. Therefore, further upside seems more than likely for bitcoin (BTC).
Bitcoin (BTC): The right time to buy?
After an explosive rise of 25%, the price of BTC is currently stabilizing around the psychological level of $30,000. This period of consolidation could be a buying opportunity for investors. Indeed, a consolidation after a rise is often followed by a new bullish wave, as happened in early April. Incidentally, our June 30 long position in bitcoin (BTC) is currently in profit.
However, it is possible that the price of BTC may undergo a slight correction before continuing its rise. In this case, the area below $30,300 could be an interesting buy zone.
Admission: $30,300;
Stop: $30,000;
Goal: $35,000.
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