Legendary technical analyst John Bollinger has taken to the X social media network to reveal that Bitcoin is experiencing the breakout that the community was looking for.
Earlier today, the flagship coin rallied to a new all-time high of $113,804, extending its streak of record peaks.
As reported by U.Today, Bollinger commented that the leading cryptocurrency was "setting up for a breakout" when BTC was approaching the hard-to-crack $110,000 level on Monday.
The 75-year-old financial analyst also correctly called several bottoms earlier this year.
No selling pressure
Despite the fact that Bitcoin just hit a fresh all-time high, selling pressure remains extremely low based on exchange flows, which are nearing their lowest level in almost a decade, according to CryptoQuant.
Analytics firm Santiment has also confirmed that traders are now showing "eagerness" to move tokens to exchanges despite Bitcoin's impressive price increase.
Hence, based on these observations, the threat of an imminent sell-off remains very low.
A whale increases a massive long position
In the meantime, a mysterious whale has increased his long position to 3,000 BTC. With a risky leverage of 20x, the value of the position currently stands at $340 million.
At current prices, the whale is sitting on a floating profit of $13 million.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team