While the first cryptocurrency continues its upward momentum, CryptoQuant's head of research Julio Moreno stated the “exhaustion” of large bitcoin sellers.

In parallel, a trader under the nickname Milkybull saw a “Megaphone” pattern on the weekly chart with a target range of $84,000-88,000. In addition, the Bollinger Bands fell to the lows of April 2016. 

“It's good to see bitcoin exchange rate back to the realization price of short-term holders. It's like a magnet in bull markets,” emphasized Trendstorm CEO Philip Swift.