In recent days, low volatility is observed in the cryptocurrency market. Especially during weekends, Bitcoin (BTC) is trying to stabilize after its strong rally during the week. The most notable factors attracting investors‘ attention are the large inflows into spot Bitcoin ETFs and whale accumulations. This positive atmosphere increases the likelihood of the largest cryptocurrency reaching its all-time high.
Bitcoin Technical Analysis and Commentary
In the last three weeks, Bitcoin has shown a V-shaped recovery on the daily time frame price chart. This turnaround raised the price from $53,500 to $67,617, bringing a growth of 26.2%. However, during the weekend consolidation, BTC faced selling pressure at the resistance level of $67,277 and is trading at $66,868 with a 0.45% decrease in the last 24 hours at the time of writing. The market value is at the level of $1.319 trillion.
If the bullish momentum continues, Bitcoin’s price could increase by another 5.6% to test the main resistance level in the expanding wedge formation. This chart structure has guided Bitcoin’s consolidation over the past four months. A breakout from the upper trend line of the expanding wedge formation could signal the continuation of the current uptrend.
Experts and analysts predict that Bitcoin’s price could rise to $80,000 and perhaps reach $90,000. Technical indicators suggest that Bitcoin could face resistance at $77,800 and $83,782, indicating that the current downtrend is weakening.
Whale Accumulations and Spot Bitcoin ETF Impact
According to data from on-chain data provider Lookonchain, a whale has recently purchased a large amount of BTC. This smart investor bought 677 BTC (approximately $45.6 million) in the last four days, with the latest purchase being 213 BTC for $14.48 million. Such large purchases indicate that big investors expect a significant price increase in Bitcoin.
On the other hand, as Nate Geraci pointed out, spot Bitcoin ETFs in the US are also having a positive impact on the largest cryptocurrency. Launched in January, these ETFs currently hold 900,000 BTC, equivalent to 4.3% of the total Bitcoin supply, which is approximately $60 billion. The net inflow of $17 billion since the launch of spot ETFs demonstrates the extent of institutional investors’ confidence in Bitcoin.
