The value of Bitcoin price rose again to exceed $105,000, driven by the decline in tensions in the Middle East.
However, more important than the price increase was the market's ability to absorb a large selling wave without the price collapsing.
The market has witnessed the sale of about 720,000 Bitcoins since mid-April, most of which are from short-term currency holders.
According to blockchain analyst Axel Adler Jr., these operations led to a $66 billion increase in the maximum realized balance of currencies held for less than a month, indicating significant profits for sellers.
However, this wave did not lead to sharp downward pressure, as it was absorbed by new buyers.
Adler points out that strong demand has helped keep price movements within a narrow range in recent weeks.
Also, profit and loss indicators on the UTXO network show a significant decline in profitable sales, reflecting the possibility of the end of the selling wave and the return of accumulation.
The recent improvement in the general mood of the markets is also due to the announcement of a ceasefire between Israel and Iran, which has eased geopolitical concerns.
This announcement has strengthened investor confidence, who have expressed cautious optimism about the possibility of restoring Bitcoin's upward momentum.
Currently, the Bitcoin price is recording a daily increase of 3.8% to reach about $105,300, although it is still down 1.1% over the week, and about 1.7% over the past 30 days.
The currency often faces seasonal pressures in the third quarter, but previous market cycles have shown a strong recovery later in the year.
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