Leading cryptocurrency Bitcoin (BTC) fluctuated around $70,000, trying to hold above this level, while the weekend was less volatile for the crypto market. The general supply, as evidenced by long-term rejection, suggests BTC price could extend its consolidation next week.
Notable Formation in BTC
However, as whale accumulation accelerated, a renewed sense of recovery spread among market participants. Is Bitcoin ready to rise? Over the past three weeks, Bitcoin’s price has traded sideways within two parallel trend lines, indicating the formation of flag patterns. The BTC price rebounding twice from both trend lines could indicate that trades are following the development of this setup.
Theoretically, the flag formation carries a temporary consolidation/correction in price to compensate for the current bullish momentum. On Friday, the BTC price bounced back from the general trend line, signaling that the horizontal trend could extend before a breakout. Currently, Bitcoin’s price is trading at $69,714, with a market cap of $1.374 trillion.
Analyst’s BTC Comment
During recent activity, large Bitcoin holders, often referred to as whales, significantly increased their long positions in Bitcoin, indicating a bullish outlook for the cryptocurrency. According to CryptoQuant writer Maartunner, these whales are active not only on HTX Global but also on other trading platforms, including Bybit.
A graph shared in a tweet highlights a sharp rise in the trading ratio on Bybit, indicating an aggressive buying stance among investors as Bitcoin’s price hovers around $69,000. This movement may collectively suggest expectations of higher Bitcoin prices in the near future.
Additionally, according to recent data shared by crypto analyst Alichart, over $1.57 billion worth of Bitcoin was withdrawn from crypto exchanges last week. The withdrawal of approximately 22,647 BTC indicates an increasing trend among investors to remove their assets from exchanges, possibly signaling security concerns or a strategic shift towards long-term holding.
