Although Bitcoin’s recent pullback towards the $76,275 level has significantly calmed the enthusiasm in the market, technical indicators indicate that the upward trend is maintained in the medium and long term. On the macroeconomic side, the decreasing possibility of an interest rate cut by the US Federal Reserve continues to pressure the price in the short term. On the other hand, the Bollinger Bands used on the weekly charts show that the key support level is maintained and the $91,091 target is still alive on the upside.
Medium-Term Rise Continues with Bollinger Bands
Looking at the weekly chart published on the TradingView platform, Bitcoin is currently trading above the 20-period simple moving average (20 SMA), which corresponds to the middle of the Bollinger Bands; This level is currently at $ 74,986. Staying above this average is described as the main condition for maintaining the medium-term upward momentum.
If the price persists above this region, the $91,091 level, which is the upper band and stands out as the current main target of the market, will be on the table again.
7.8 million BTC supply wall and psychological barriers
A striking assessment of the current table came from blockchain data analysis firm Glassnode. According to the company’s current data, we are going through a period in which investor psychology comes to the fore rather than technical indicators in the market. Currently, at a price level of approximately $76,700, exactly 7.8 million Bitcoins are waiting without making a profit; This amount is in the hands of both short-term and long-term investors.
A significant portion of this “stranded” supply has accumulated while the previous cycle peaks are being tested. Today, this supply hangs on the market like a burden. With each new upward move of Bitcoin – especially as it approaches the $ 90,000 level – these investors tend to sell to compensate for their losses, creating a strong resistance that makes the rise difficult.
Glassnode data draws attention to the assessment that “Before this resistance is overcome, millions of Bitcoins in the market must be absorbed by new owners for a safe upward movement.”
Corporate Acquisitions and External Factors
Some of this supply in the market continues to be purchased by institutional investors with a medium-term perspective. According to the latest data, the company called Strategy added 24,869 Bitcoins to its portfolio last week. These purchases took place despite the general market panic due to the rise in US 10-year Treasury bonds and increasing global geopolitical tensions.
Analysts point out that while these corporate purchases contribute to alleviating the supply pressure in the market, the price may target the upper band if the current resistance levels are exceeded.
