The recent rise in Bitcoin has confirmed a key bullish pattern, adding further optimism regarding the price trajectory of this major cryptocurrency.
Whales are actively accumulating, and demand for Bitcoin through exchange-traded funds (ETFs) has significantly increased, contributing to Bitcoin's growth. With substantial inflows from the ETF market, Bitcoin is poised to reach new highs in the near future.
Large Bitcoin holders are actively accumulating assets
Whale activity remains a key driving force behind the rise in Bitcoin's price. According to the accumulation indicator, investors holding more than 10,000 Bitcoins are showing an almost perfect accumulation score of 0.9, indicating strong optimism among large investors.
This accumulation suggests that whales expect continued bullish momentum and are positioning themselves for further profits.
Moreover, investors holding between 1,000 and 10,000 Bitcoins are also actively participating, with a slightly lower accumulation score of 0.7. This indicates that smaller, yet still significant players are following the whales, contributing to the overall positive sentiment around Bitcoin.
The confidence displayed by these large investors indicates that demand for Bitcoin will continue to grow, potentially driving prices higher. The macroeconomic momentum for Bitcoin is becoming increasingly favorable, especially due to recent inflows into spot ETFs. Over the past two days, Bitcoin has received inflows totaling $1.8 billion. On April 22, $912 million flowed into Bitcoin ETFs, and on April 23, $917 million, marking the largest single-day inflows in over five months.
These significant inflows are clear evidence of rising demand and reflect investors' confidence in Bitcoin's long-term potential.
These massive inflows from both institutional and retail investors signal a broader shift in Bitcoin market sentiment. As demand for Bitcoin ETFs rises, so does the potential for an increase in Bitcoin's price. Growing investments in Bitcoin ETFs create positive feedback that is likely to boost the price in the near term. Bitcoin's price is striving to reach $95,000.
At the moment, Bitcoin is trading at $92,347, just below resistance at $93,625. Despite recent attempts, Bitcoin has not yet overcome this key level. However, given the recent breakout and favorable market conditions, Bitcoin is on track to break through this resistance in the near future.
The cryptocurrency confirmed a double bottom pattern earlier this week, rising 10% in just two days. This breakout reinforces the bullish forecast, and the combination of whale accumulation and ETF inflows may help Bitcoin overcome the resistance at $93,625.
A successful breakout could propel Bitcoin to the $95,000 range and potentially to resistance at $95,761. However, if Bitcoin fails to maintain its upward momentum and falls below support at $89,800, it could trigger a bearish reversal.
A drop below this support level nullifies the bullish forecast, potentially lowering Bitcoin's price to $86,822, erasing recent gains.#BinanceSquare #Write2Earn #crypto #Binance #BinanceAlphaAlert $BTC