- In the past, $19,500 has been a resistance level for the bitcoin price.
- The holders with the highest BTC accumulation rates are whales and shrimp.
After a 10% drop last week, bitcoin found a support level at 19,200. A moderate upward push that began this Sunday, July 3, has allowed the price to even exceed USD 19,500. This new price support is considered key as it was previously a notorious resistance level, both in December 2017 and January 2021.
The price of bitcoin, which shows a decline of 59% since the beginning of the year, accentuated its fall in the month of June, which turned out to be the worst month in its entire history, with a negative return of 40.6%, as reported by CriptoNoticias reported. Starting at $19,500, the next resistance levels could be at $19,800 and $20,500.
The Bitcoin Relative Strength Index (RSI), which is displayed in the lower panel, is trending upwards and is above 50. This indicator, when it rises above that mark, usually coincides with clearly bullish price zones.
Holders Driving Bitcoin’s Rise Above $19,000
The analytical firm Glassnode highlighted in a series of tweets, last Wednesday, June 29, the notorious behavior of three segments of BTC holders. “Amid challenging bitcoin market conditions this year, three holder segments offer interesting dynamics: whales (over 1,000 BTC) and shrimp (less than 1 BTC) are accumulating, while miners are selling” , Glassnode stated .
The so-called shrimp, holders who control less than 1 BTC, have also been accumulating, although with volumes much lower than the whales. In recent months, the shrimp have moved 36,750 BTC per month from exchanges, about a quarter of what the whales control monthly. As a result of his accumulation strategy, Shrimp now controls 1.12 million BTC.