Bitcoin prepares to break upwards: on-chain signals and investor optimism in sync.
In the current crypto scenario, Bitcoin is in a key phase where various technical and on-chain indicators point towards a possible bullish breakout. Although the price has remained relatively stable around 104,620 USD, accumulation and holder behavior patterns suggest that we could be facing a trend change in the short term.
On-Chain and Technical Indicators
1. Increase in Transaction Volume:
Recent data indicates a surge in transaction volume within the Bitcoin network, which is a clear indicator that more participants are active and largely in an accumulation phase. These metrics show that the movements of 'smart money' are aligning with increased activity in historically inactive wallets, reinforcing the hypothesis of a forthcoming bullish movement.
2. Holding Consolidation and Accumulation:
On-chain analysis reveals that, despite some profit-taking movements from older holders, large wallets and especially institutions are holding firm and continuing to accumulate positions. This pattern suggests that there is confidence in the asset, as investors with greater influence are willing to maintain and increase their positions, awaiting higher prices.
3. Signals in Technical Indicators:
In the 4-hour time frame charts, well-defined support and resistance patterns are evident. Tools like the RSI and MACD have begun to give bullish signals, pointing to an imminent breakout of a key resistance level. The convergence of these technical indicators with the increase in on-chain activity reinforces the possibility of a bullish momentum in the short term.
