• Bitcoin short-term indicators show potential bullish opportunities, the 30-day MVRV ratio remains negative, and increasing mean coin age suggests wide accumulation.
• Despite the $55k liquidation cluster remaining untested and current resistance at $63.3k, on-chain data from Santiment shows key Bitcoin stakeholders accumulating an all-time high of 16.17 million BTC.

Entering July, Bitcoin made a healthy recovery, with the BTC price surging by 4.5% since last Saturday and all the way past $63,000. At the moment, Bitcoin retested and successfully defended its support zone dating back to March 1st, preserving the price lows seen over the last three months.

Currently, the resistance at the mid-range level of $63.3k remains intact. Technical indicators suggest that a bullish reversal on longer timeframes is not imminent. However, in shorter timeframes, recent bearish sentiment and an imbalanced futures market indicate potential liquidation levels to the upside may be targeted.

On-chain Bitcoin Metrics Indicate Wide Accumulation

The 30-day MVRV ratio was negative, indicating that short-term holders were at a loss. However, the mean coin age has steadily increased over the past six weeks, which is a positive sign.

This trend suggests that holders are accumulating, pointing to an undervalued asset. These factors present a short-term buying opportunity that could spark a rally for Bitcoin.

However, based on circulation, the Network Value to Transactions Ratio (NVT) showed that Bitcoin was overvalued relative to the daily on-chain transaction volume. This could pose a challenge for the bulls but is less significant compared to the positive signals from the MVRV ratio and mean coin age. As reported by Crypto News Flash, the BTC sentiment is currently at an 18-month low.

Here’s What Bitcoin Liquidation Clusters Tell

The $55k liquidation cluster remained untested as bulls prevented the price from dipping below the $60k psychological support. It’s important to note that not every zone of high liquidity needs to be tested. If the price continues to rise, the $73k zone will be traders’ next key area of interest, per the Crypto News Flash report.

However, the path forward for the bulls is not straightforward. Julio Moreno, Head of Research at CryptoQuant, tweeted that Bitcoin miner capitulation might be imminent, suggesting that prices may have reached a local bottom.

Additionally, crypto analyst Axel Adler noted that recent Bitcoin sales were largely being absorbed by crypto exchanges rather than the broader market, per the CNF update.

Furthermore, on-chain data provider Santiment has revealed that Bitcoin’s major stakeholders are projecting a long-term bullish outlook. Wallets holding over ten coins have now accumulated an all-time high of 16.17 million BTC, indicating strong confidence in the cryptocurrency’s future.

Santiment suggests that an increase in buying power from Tether and USD Coin holders is essential to ignite the next crypto bull run. This influx of capital could potentially open the floodgates for a significant market surge.

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