Bitcoin's unrealized profits have decreased to a modest 3%, down from 69% in early March, indicating a drop in selling pressure. The BTC price is now looking towards finding support around $66,000.

The world's largest cryptocurrency, Bitcoin, aimed to break the $70,000 barrier recently but faced renewed selling pressure shortly after. Currently, Bitcoin is priced at $67,776 with a market cap of $1.335 trillion.

Rise in Bitcoin Whale Accumulation

Recent data from CryptoQuant shows a significant increase in Bitcoin whale accumulation. Renowned crypto analyst Lark Davis has noted a surge in buying activity among Bitcoin whales, suggesting a potential supply shock in the market due to this substantial accumulation by large holders.

Julio Moreno, Head of Research at CryptoQuant, points out a crucial shift in Bitcoin's market dynamics. Moreno highlights the difference between Bitcoin trading at $70,000 now compared to March, emphasizing the decrease in unrealized profits from 69% to 3%, indicating a lower selling pressure and a potential exhaustion of heavy selling.

BTC Price Correction Before Long-Term Growth

CrediBULL Crypto, a prominent crypto analyst, expresses confidence in Bitcoin's long positions. He mentioned that the current long positions on BTC look promising and align with his strategy for potential further growth towards surpassing $100,000.

Crypto analyst Michael van de Poppe shared insights on Bitcoin's price consolidation plan, suggesting that Bitcoin aims to stabilize at its current levels. Regarding potential buying opportunities, van de Poppe advised monitoring the $66,000 level, stating that a drop below this could lead to a test of the range low at $60,000, presenting a buying opportunity for investors to prepare for potential entry points.