Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Sets BTC Rally to $74K
Highlights
- The renewed supply pressure at $67500 could trigger a minor pullback before Bitcoin resumes on the prevailing rally.
- The recently reclaimed midline of the Bollinger Bands indicator can offer BTC buyers suitable support to maintain the current rally.
- The intraday trading volume in Bitcoin is $16.8 Billion, indicating a 27% loss.
Bitcoin Price Analysis: The weekend price action for Bitcoin remained relatively stable demonstrated by neutral candle formation in the daily chart. The overhead supply at $67500 has triggered a modest intraday drop of 0.18% pushing the BTC value to $66807. However, a short downtick or consolidation is expected after a week-long recovery to stabilize the bullish momentum. Is a rally to $70000 possible for next week?
Also Read: US Leads The Charge As Global Bitcoin ETF Inflows Hit $10B In Q1
Bitcoin Whale Holdings Surge Post-ETF Launch
The past three weeks have been notably bullish for Bitcoin as the price showcased a rally from $56500 to $67654 registering a 9.74% jump. The recovery backed by increasing trading volume also developed a higher low formation indicating the market sentiment shifted to buy on dips.
On May 15th, the BTC price gave a decisive breakout from the channel pattern resistance which carried a correction trend since early April. If sustained, this breakout could intensify the buying momentum and signal the end of the prior correction.
According to crypto analytics firm IntoTheBlock, Bitcoin holdings by addresses with over 1,000 BTC have surged by 250,000 BTC since the launch of Bitcoin ETFs. This increase has brought whale holdings back near the levels observed before the FTX collapse.
The accompanying chart from IntoTheBlock illustrates this recovery in whale balances alongside the rising price of Bitcoin. The increase in whale holdings since the ETF launch highlights the growing institutional interest and support for Bitcoin, which could further stabilize and elevate its market position.
However, With overhead supply at $67500 intact, the BTC price showcases its sustainability above $65000. If the level holds, the buyers could lead a rally of $74000.
Technical Indicator
- BB Indicator: The coin price challenges the upper boundary of the Bollinger band indicating the buyers are a major force influencing the current market movement.
- Average Directional Index: An uptick in the daily ADX slope at 21% indicates the bulls have sufficient momentum to lead a higher rally
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