On-chain data shows that institutional investors are rapidly accumulating Bitcoin (BTC), while individual investors are selling their assets. This situation indicates that the upward potential for BTC continues.

Individual wallets holding less than 1 BTC have reduced their total by 54,500 BTC throughout the year. An average of 220 BTC is leaving daily.

The Relative Strength Index (RSI) of Bitcoin is on the rise. This reflects increasing demand and strengthens the possibility of BTC breaking the resistance point at $109,000. A move towards $111,968 for Bitcoin can be expected in the short term.

Despite rising geopolitical risks and growing macroeconomic uncertainties, on-chain metrics indicate that Bitcoin's bull cycle has not yet ended. Data analyzing investor behavior reveals that BTC still has significant growth potential.

Institutional Investors Are Buying, Individuals Are Selling

According to a recent report from crypto data analyst IT Tech, large BTC holders — that is, whales, institutions, and funds — have steadily increased their holdings over the past year. In contrast, individual investors continue to sell their coins.

IT Tech reported that the amount of Bitcoin in individual wallets holding less than 1 BTC has decreased by 54,500 BTC over the past year. These wallets currently hold a total of 1.69 million BTC and experience an average daily outflow of 220 BTC. On the other hand, large investors with a balance of 1,000 BTC and above are aggressively accumulating BTC. The amount of assets in this group has reached 16.57 million BTC, with an increase of 507,700 BTC in the last year. The average daily inflow volume is around 1,460 BTC. This shows how strong the institutional buying demand is.

It was also observed that this large group of investors has a strong positive correlation with the BTC price. This indicates that institutions increase their purchases as the price rises.

The report also emphasizes that there is no 'fear of missing out' (FOMO) from individual investors in the current bull cycle. While small investors have been seen making intense purchases in past bull markets, it is noted that these small holders are currently in a selling trend and there is still room for the bull run to continue.

Will Bitcoin break the $109,000 resistance?

Following the announcement of a ceasefire between Israel and Iran, a gradual increase in the Bitcoin price was observed. At the time of writing, BTC is trading at $107,698, and this news has led to an approximately 2% increase in its value.

The rising RSI also supports this buying pressure. The RSI is currently at 57.15 and on an upward trend, indicating that demand for Bitcoin is increasing.

The RSI is an indicator that measures whether an asset is overbought or oversold; it takes values between 0-100. Values above 70 indicate overbought conditions, while values below 30 indicate oversold conditions.

The RSI of Bitcoin being at a medium-high level of 57.15 indicates that the price could potentially move towards the all-time high of around $111,968 by breaking the $109,267 resistance.

However, if demand decreases, the BTC price could pull back to $106,295. If this support is broken, it is possible for the price to drop to $103,952.

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