Who Is Really Selling Bitcoin? It’s Not Who You Think

AI-generated source summary

The analysis focuses on Bitcoin's price action, identifying a potential bullish continuation after a correction. The current price is around $81,100, with a resistance zone identified between $84,994 and $86,500. The speaker suggests that if Bitcoin can break above $85,700, it could target higher levels, potentially reaching $90,000 or $92,000. The fail bound for this bullish scenario is set below $80,000, specifically targeting the $79,000 to $77,000 range, which is also identified as a significant support zone. The analysis indicates that while there's some short-term chop and the possibility of further downward movement within a descending channel, the overall bullish structure remains intact as long as key support levels hold. The speaker references historical data and on-chain metrics to support the view that long-term holders are not selling aggressively, suggesting conviction in the current price levels and potential for further upside. The analysis highlights the importance of the $74,800 level as the start of a 'buy zone', derived from the average cost of new buyers and representing a significant Fibonacci retracement level.

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