On-chain data shows that bitcoin accumulators are accelerating their pace while the BTC price seeks new highs.
Key Points:
On-chain and technical data for bitcoin suggest that new all-time highs are imminent.
Glassnode data shows that most bitcoin wallet cohorts are accumulating BTC.
A bearish divergence on the daily timeframe signals decreasing momentum, raising doubts about BTC's ability to reach the $120,000 to $130,000 range.
The price of bitcoin
BTC
€93,487
recovered above $105,000 during the trading session in the U.S. market, after forming a double bottom pattern on the 1-hour chart.
The liquidity available around the $102,500 area was absorbed, possibly laying the groundwork for new highs in the bitcoin price this week.
Bitcoin fractals suggest new all-time highs
The current range of bitcoin between $106,300 and $100,600 represents a similar setup to its previous range between $97,900 and $92,700. The price action pattern can be summarized in three different conditions:
The range lows and range highs led to an immediate trend reversal.
A double bottom occurred after forming the range highs ($97,900 and $107,144).
The formation of the double bottom occurred above the range lows, sweeping the internal liquidity levels, but the bottom
Bitcoin could consolidate between $103,500 and $105,200 (orange boxes) over the next 24 hours, reflecting its previous sideways movement between $95,800 and $97,300. If this pattern holds, it could increase the chances of bitcoin surpassing $107,000, potentially reaching new highs above $110,000 this week.
Conversely, a failure to hold above $103,500 could lead to a retest of the support at $102,000. This would be treated as an invalidation of the price fractal, which could open the possibility of new lows below $102,000 in the coming days.
Will bitcoin surpass a daily bearish divergence?
Glassnode revealed a significant shift in the behavior of bitcoin investors, with the latest Accumulation Trend Score chart showing that small holders with less than 1 BTC are joining the bullish trend with a score of 0.55. Larger cohorts holding 100–1,000 BTC and 1,000–10,000 BTC exhibited strong accumulation scores of 0.9 and 0.85, respectively.
