Bitcoin Supply on Exchanges Falls as Bullish Pressure Mounts

Technology

Why BTC Rise to $67k Hints End of Correction Trend – Crypto News

Published

2 years ago

May 18, 2024

Dripp

Bitcoin Price Analysis: This week has been notably bullish for the pioneer cryptocurrency Bitcoin showcasing a 10% growth as price jumped from $60474 to $66500. The rising BTC breach backed by a significant surge in volume gives a bullish breakout from a key resistance signaling the end of a 2-month correction trend. This upswing also triggered a renewed recovery sentiment in the altcoins market. 4

Also Read: Bitcoin (BTC), Crypto Stocks Reacts To SEC’s Repealed SAB-121 Rule

BTC Targets $73,800 as Whale Holdings Remain High

Bitcoin Price Analysis| Tradingview

The last correction trend in Bitcoin price recently reverted from 50% Fibonacci retracement level at $56500. In theory, a pullback to this degree is considered beneficial for the asset to regain bullish momentum.

This renewed recovery pushed the BTC from $56000 to $66530 to record 18.7% and also developed a higher low indicating the traders are interested in buying dips. An analysis of the daily time frame chart shows the rally gave a decisive breakout in the channel pattern that carried this six-week correction.

In a recent tweet, crypto analytics firm Santiment highlighted a significant trend in Bitcoin whale activity. According to their data, wallets holding 100 or more Bitcoin (BTC) continue to maintain a substantial amount of the cryptocurrency, totaling 11.79 million BTC.

Despite this, the activity of these whale wallets has plummeted to its lowest point in 2024. As of now, there are 15,907 wallets holding at least 100 BTC. This decrease in whale transactions suggests a period of reduced movement among major holders.

Santiment points out that an increase in whale activity could signal a bullish trend for Bitcoin.

If the BTC price shows sustainability above the breached trendline, the buyers could drive a rally to $73800.

Technical Indicator

Exponential Moving Average: The rising 100-and-200-day EMA assures the broader trend remains bullish for Bitcoin.
Average Directional Index: The daily ADX slope uptick at 20% indicates the prior correction managed to stabilize the uptrend for higher growth.