Bitcoin momentum builds as price consolidates near $110,500 resistance with bullish technical signals.
Long-term holders now control over 80% of BTC supply, matching levels seen before past major rallies.
Over 19,400 BTC moved to institutional wallets, adding support to the current bullish price structure.
Bitcoin (BTC) is showing a steady increase in momentum, trading at $109,102 at the time of writing. Market data suggests the asset may be preparing for another strong move above resistance, similar to previous bullish waves that followed momentum build-ups. Technical indicators and long-term holder behavior continue to align with this trend.
Steady Momentum and Long-Term Holder Confidence
According to an observation by analyst Javon Marks, Bitcoin’s momentum is again increasing at a stable pace. The last time this occurred, BTC surpassed resistance levels and entered a strong upward move. Marks suggest the same pattern may be repeating now.
https://twitter.com/JavonTM1/status/1942601439462797493
Supporting this view, data from Glassnode shows that long-term holders (LTHs), or those holding Bitcoin for at least 155 days, now control over 80% of the total supply. This is the third time in history the LTH supply has reached this level.
Previous occurrences in February and October 2024 preceded rallies of 72% and 84%, respectively. CrediBULL Crypto stated that excess Bitcoin supply has returned to long-term holders, suggesting that the next price impulse may be approaching.
Technical Setups and Institutional Accumulation Align
Bitcoin is trading near the top of a compressing price range between $107,000 and $110,500. Technical analysts have noted a rising channel, higher lows, and narrowing Bollinger Bands, which all point to an expected breakout. The RSI is at 52, while MACD remains slightly positive.
Institutional activity is also adding weight to the bullish structure. On July 9, over 19,400 BTC moved from dormant wallets to institutional-grade addresses, as reported by analyst Maartunn. Companies like Metaplanet, which now holds 15,555 BTC, and Tesla continue to add Bitcoin to their balance sheets.
According to Merlijn The Trader, Bitcoin’s Golden Cross has once again flashed. Past occurrences of this indicator led to gains of +139% in 2016, +2200% in 2017, and +1190% in 2020. As Bitcoin holds above $109,000, the setup points to potential for another wave upward.
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