Since the beginning of this year, Bitcoin’s price has been highly volatile. Despite falling from a historic high of nearly $109,000, bulls and whales seem not to have lost their upward momentum. Ultimately, the token successfully broke through the key resistance level of $88,500 and nearly reached a high of $94,000. Currently, the token faces some upward pressure, but the bullish momentum does not appear to have weakened.
Latest data from Glassnode suggests that whales are absorbing supply at a rate not seen since before 2020. Large buyers have been accumulating in bulk, with wallets holding more than 10,000 BTC showing significant accumulation.
Holders with Bitcoin amounts ranging from 1,000 to over 10,000 coins have shown an almost perfect accumulation momentum. On the other hand, institutional investors have also begun to accumulate Bitcoin. The inflow of spot ETFs reached a historic high of nearly $1 billion in the past trading day, the highest level since November last year. After four consecutive days of increases, market participants appear to have an optimistic attitude towards Bitcoin. However, due to the continued division between bullish and bearish forces in the market, they remain skeptical about the next movement of Bitcoin.
The Bitcoin long-to-short ratio is approximately 0.9841, indicating that traders are heavily hedging. Despite a recent recovery in bullish momentum, long positions still account for 49.56%, while short positions account for about 50.4%. Therefore, speculation is beginning about whether this is a calm period before a major breakout in Bitcoin or an impending reversal.
Bitcoin (BTC) Price Analysis
The short-term price trend of BTC looks bullish as the token has been forming a continuous rise and fall. Due to a significant increase in buying volume, the token's volatility has risen. Therefore, regardless of any upward pressure, the price is expected to maintain a healthy upward momentum.
The stochastic RSI indicator has reached its lower limit and is ready to initiate a bullish crossover. Meanwhile, the MACD indicator shows a decline in buying pressure in the short term, and various levels are trending towards a bearish crossover. Therefore, prices breaking below the upward trend line may reach the channel average. However, the price is expected to trigger a rebound, reach the channel resistance level, and break through $96,000 before the end of the month.
