Bitcoin Price Analysis: This week was particularly bullish for the pioneer cryptocurrency, Bitcoin, as its price soared from $60,474 to $66,500, representing 10% growth. BTC’s breakout on the back of a significant spike in volume provides a bullish breakout from key resistance marking the end of a two-month corrective trend. This rise also triggered a renewed recovery sentiment in the altcoin market. Four
Also read: Bitcoin (BTC), crypto stocks react to SEC’s repealed SAB-121 rule
BTC targets $73,800 as Whale Holdings remains high
The last correction trend in Bitcoin price recently returned from the 50% Fibonacci retracement level at $56,500. In theory, a decline of this magnitude would be beneficial for the asset to regain bullish momentum.
This new recovery saw BTC climb 18.7% from $56,000 to $66,530, hitting new lows that indicate traders are interested in buying on the dip. Analysis of the daily timeframe chart shows that this rally marked a decisive breakout of the channel pattern that has been plaguing this six-week consolidation.
Cryptocurrency analysis firm Santiment highlighted important trends in Bitcoin whale activity in a recent tweet. According to their data, wallets holding more than 100 Bitcoins (BTC) continue to maintain a significant amount of the cryptocurrency, totaling 11.79 million BTC.
Nevertheless, the activity of these whale wallets plummeted to its lowest point in 2024. There are currently 15,907 wallets holding at least 100 BTC. This decline in whale trading suggests a period of reduced movement among major holders.
Santiment points out that increased whale activity could indicate a bullish trend for Bitcoin.
If the BTC price shows persistence above the broken trend line, buyers can move higher to $73,800.
technical indicators
- Exponential moving average: The rising 100-day and 200-day EMAs ensure that the broader trend remains bullish for Bitcoin.
- Average direction index: The daily ADX slope rising at 20% indicates that the previous correction was able to stabilize the upward trend towards higher growth.
Related article
