Key on-chain data reveals an unexpected trend – despite Bitcoin prices lingering near record highs, major stakeholders are not transferring their cryptocurrency to exchanges. This, according to a post shared on July 23 by CryptoQuant analyst Arab Chain, indicates a firm belief in the longevity of Bitcoin’s price surge.

The Bitcoin Flow Pulse (BFP) indicator displays a notably low volume of Bitcoin moving towards exchanges, even after the digital currency recorded a milestone high of $123,091 according to CoinMarketCap. Traditionally, a rise in BTC inflow to exchanges hinted at a potential sell-off, increasing supply and often leading to a price decline. The lack of such a surge now is seen by Arab Chain as a positive sign of steadfast holders.

Bitcoin’s price trajectory reflects this balance between confidence and caution. Although the digital asset has risen 16.2% over the past month and 8.9% in the past two weeks, it has entered a consolidation phase following its all-time high nine days ago. CoinGecko data shows it trading between $118,042 and $120,222 in the past 24 hours, with resistance near the $123,000 mark.

Meanwhile, CryptoQuant highlights a surge in retail selling pressure, especially on Binance. Inflows from smaller traders have significantly increased on the exchange, and Net Taker Volume has turned negative, likely indicating a bearish sentiment among this group. However, whales in the market are snapping up everything, with on-chain data showing that $200 million in BTC was withdrawn from exchanges yesterday. This suggests that big investors are taking advantage of the fear among retail traders.

The market currently teeters on a precarious balance. While low exchange inflows suggested by the BFP indicate strong conviction among holders, there are also signs of profit-taking and increased retail selling that introduce near-term obstacles that need to be considered.

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As momentum escalates, market players are keenly observing resistance points that could dictate TON’s imminent price behavior. If the buying force persists in its surge, the digital currency might be on the brink of additional gains, possibly probing upper resistance areas.

Can Toncoin’s Upsurge Continue Unabated?

Toncoin’s recent price revitalization has fortified bullish inclination, but whether this upward trend can be sustained is a pivotal concern. The digital currency has successfully secured a solid base above the $2.36 support level. Nevertheless, the continuation of this momentum hinges on an assortment of technical and market variables.

The digital currency is currently preserving its upward momentum as it nears the $4.34 resistance level and the 100-day Simple Moving Average (SMA). This consistent rise signifies burgeoning bullish force, with buyers incessantly driving the price northward despite potential resistance.

A definitive breakout above the $4.34 resistance level could reinforce the existing upward trend, positioning Toncoin towards the $6.13 resistance point. If the buying force remains robust and the price overcomes this crucial level, it could pave the way for a potential trial of its record peak of $7.29.

Technical metrics such as the MACD hint that momentum is favoring the bulls, but intensifying resistance pressure might breed volatility. Sustained buying impetus will affirm the upward trend and propel the price past these pivotal technical obstacles.

Volume analysis also bolsters Toncoin’s upward momentum, with trading volume surging by over 10%, signifying robust market engagement. Should volume continue to escalate in tandem with price evolution, it could substantiate the strength of the upward trend and enhance the prospect of additional gains.

Prospective Downside Risk

If Toncoin encounters rejection at a significant resistance level, closely tracking crucial support zones will be vital to evaluate the strength of its upward trend. The first significant support level to monitor is around $2.36, where buyers have previously shown interest. A dip to this level is likely to stimulate new demand and stabilize the price.

A plunge below this threshold could signal a momentum shift, intensifying selling pressure and resulting in a profound decline. If buyers fail to uphold crucial support zones, the price may grapple to rebound, amplifying the risk of settling at new lows.

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