Bitcoin whales sold $270 million in BTC on Sunday, but the steady absorption of supply by traders should help bulls maintain their hold on the market momentum.

Bitcoin buy-side activity across spot and derivatives markets is strengthening, while reduced selling from short-term holders improves the odds of holding $72,000.

The Bitcoin supply held in long-term investor wallets moved above 4 million BTC, while a network activity index flashed a “bull phase” signal.

Wintermute analysts said Bitcoin’s price stability against the extreme bearish sentiment present in the market is a positive. Will BTC ever flip $70,000 back to support?