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- The price was unable to sustain its upward momentum when encountering resistance at the $27,460 level.
- If it succeeds in surpassing the recent peak of $27,460, a new rally is likely to unfold.
Smaller Bitcoin investors, categorized as those holding less than 100 BTC, have experienced a remarkable surge in recent months. Consequently, they now control an unprecedented 41.1% of all Bitcoins in circulation.
As per a tweet from Santiment, a significant shift in Bitcoin ownership distribution has been observed, indicating the formation of a more transparent and democratic BTC ecosystem. Simultaneously, the proportion of Bitcoin owned by “whales,” defined as those possessing between 100 to 100,000 BTC, has decreased to 55.5%, a level not seen since May.
SkyBridge Capital founder Anthony Scaramucci has expressed his positive perspective on BTC despite the recent downturn of the cryptocurrency.
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Significant Breakout Likely
Reportedly, the founder has encouraged BTC holders to retain their cryptocurrency and reassured them that they can weather the current storm. It’s noteworthy that he mentioned the darkest days of the bearish momentum are behind us.
Source: CoinMarketCap
At the time of writing, Bitcoin is priced at $26,617, reflecting a decline of 0.41% over the past 24 hours according to data from CMC. Additionally, the trading volume has decreased by 3.78%. Recently, the price has been consolidating. A breakout in either direction is anticipated soon.
The price was unable to sustain its short-term bullish momentum due to significant resistance at the $27,460 mark. It recently found short-term support at the $26,390 level, breaking which it could potentially drop down to the $25,000 support level. If it manages to exceed the recent high of $27,460, then a new rally reaching up to $28,000 is likely.
