Will the price continue after the wallet hits 3 months’ height?

Bitcoin whales and shark wallets reached three months’ height. According to the on-chain analytics platform Santiment, the number of wallets holding at least 10 btc (worth more than $1.07 million at its current price) reached its highest level since March 12th.

Santiment said that smart money is accumulating in most retail panic sales cycles due to the unstable market. Whales are usually known to purchase at discounts during the period of dip and integration.

Bitcoin temporarily tested support around $98,225 over the weekend due to market uncertainty. The sudden price shaking has led to an increase in volatility in the futures market. The move quickly reversed, with prices exceeding $108,000.

The market appears to be in the cooldown phase after making massive profits. While there are huge profits, momentum is easing as the realized profitability begins to taper.

Will BTC prices continue?

The market is currently in a holding pattern. The structure remains supportive, but breakouts to new highs are likely to require a significant increase in demand, activity and convictions.

At press time, BTC fell 0.27% to $107,168 over the past 24 hours, increasing by 1.2% each week. After a sharp increase over three days, BTC reached $108,345 on June 26th, a slight decline.

The market is rebounding to the $100,000-$110,000 level, but signs of declining profitability and slow on-chain activity are becoming more prominent. These trends are typical of choppy consolidation periods where volatility decreases and investors’ profits decrease.

Until profitability and activity metrics improve, the chances of the new all-time breakout remain low. For the time being, the market appears to be compiling its previous profits while waiting for new momentum and demand to emerge.