Bitcoin Price Consolidates Pointing Towards a Significant Breakout

• The price could not maintain its bullish momentum facing resistance at the $27,460 mark.
• If it manages to go past the recent high of $27,460 then a fresh rally is on the cards.

Smaller Bitcoin holders, defined as those with less than 100 BTC, have seen a meteoric rise in recent months. As a result of this sudden turn of events, they currently own a record 41.1% of all Bitcoins in circulation.

According to a tweet from Santiment, there has been a notable change in the distribution of Bitcoin ownership, suggesting the establishment of a more open and democratic BTC ecosystem. Concurrently, the percentage of bitcoin held by “whales,” defined as those owning 100 to 100,000 BTC, has fallen to 55.5%, a level not witnessed since May.

SkyBridge Capital founder Anthony Scaramucci has been vocal about his optimistic outlook on BTC even as the cryptocurrency has been through a downward trend lately.

Significant Breakout Likely

Reportedly, the founder has urged BTC owners to hold on to their cryptocurrency and assured them that they can ride out the current hurricane. It’s interesting that he brought up the fact that the bearish momentum’s darkest days are over.

At the time of writing, Bitcoin is trading at $26,617, down 0.41% in the last 24 hours as per data from CMC. Also, the trading volume is down 3.78%. As of late, the price is consolidating. A breakout in either direction is expected shortly.

The price could not maintain its short-term bullish momentum as it faced strong resistance at the $27,460 mark. The price recently found short-term support at $26,390 mark, breaking which it is likely to decline all the way till $25,000 support level. If it manages to go past the recent high of $27,460 then a fresh rally all the way till $28,000 is on the cards.