Bitcoin Price Analysis: Renewed Whale Interest Hints BTC to New High Next Week
Bitcoin Price Analysis: The weekend was less volatile for the cryptocurrency market as Bitcoin wavered around $70000, struggling to hold above it. The overhead supply evidenced by the long-wick rejection indicates the BTC price may prolong its consolidation in the coming week. However, a spark of renewed recovery sentiment spread among market participants as whale accumulation accelerates. Is Bitcoin ready for breakout?
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Flag Patterns and Whale Activity Suggest a Soaring Market Ahead
Over the past three weeks, the Bitcoin price has traded sideways in two parallel trendlines indicating the formation of flag patterns. The coin price rebounded twice from both trendlines indicating the trades follow the development of this setup.
In theory, the flag pattern carries a temporary consolidation/correction in price to recuperate its prevailing bullish momentum. On Friday, the BTC price reverted from the overhead trendline signaling a sideways trend may prolong before the breakout.
Currently, the Bitcoin price trades at $69714, while the market cap holds at $1.374 Trillion.
In a recent flurry of activity, large Bitcoin holders, commonly referred to as ‘whales,’ have significantly increased their long positions in Bitcoin, signaling a bullish outlook on the cryptocurrency. According to the verified author of CryptoQuant, Maartunner, these whales have been active not only on HTX Global but also on Bybit, among other trading platforms.
The graph accompanying the tweet highlights a sharp spike in the ‘Taker Buy Sell Ratio’ on Bybit, suggesting an aggressive buying stance among traders as the price of Bitcoin hovers around $69,000. This move could indicate a collective anticipation of higher Bitcoin prices in the near future.
Whales have opened massive #Bitcoin long positions not only on @HTX_Global but also on @Bybit_Officialhttps://t.co/5PT4rdvtOP https://t.co/VCVeKGdYuO pic.twitter.com/VhRynyjkQa
— Maartunn (@JA_Maartun) June 9, 2024
In addition, over $1.57 billion worth of Bitcoin was withdrawn from cryptocurrency exchanges last week, as indicated by the latest data shared by crypto trader Alichart. The withdrawal of approximately 22,647 BTC points to a growing trend among investors to move their assets off exchanges, possibly signaling concerns over security or a strategic shift towards long-term holding.
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Approximately 22,647 $BTC, worth over $1.57 billion, were withdrawn from #crypto exchanges in the past week! pic.twitter.com/IXxFXfECYG
— Ali (@ali_charts) June 8, 2024
A potential breakout from the overhead trendline will accelerate the bullish momentum and signal the uptrend continuation. Under favorable bullish consideration, the BTC price prediction hints upswing to $90000, followed by an extended rally to $135000.
Technical Indicator
- BB Indicator: The current Bitcoin price is receiving robust support from the middle line of the Bollinger Band, signaling a high-momentum rally underway.
- RSI: The Relative strength index wavering at 54% indicates a neutral to bullish market sentiment.
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