Bitcoin's price has been unable to maintain a position above $70,000, which is a critical level for gaining momentum toward its all-time high. Despite several attempts, the price struggles to stay above this barrier, slowing bullish progress.
Recent data from Santiment suggests that retail traders are selling Bitcoin while large holders, or whales, are accumulating. Wallets holding 100 or more BTC have increased by 1.9% in the past two weeks, indicating confidence in the asset's potential growth.
This rise in large wallet addresses is seen as a bullish sign, as whale accumulation typically reflects optimism about the asset's future.
With a 3.3% rise in Bitcoin's net inflows, approximately $21.8 billion have entered the market over the past month, pushing Bitcoin's Realized Cap to a record high of over $646 billion. This influx underscores growing interest from both institutional and retail investors, providing a buffer against volatility.
Bitcoin's current trading price is around $67,553. Closing above $70,000 is crucial to move toward the next resistance at $71,367, which could ultimately lead to a new price high.
The consistent support from the uptrend line suggests a potential move to break resistance in the upcoming weeks, reinforced by whale accumulation patterns.
Nonetheless, if Bitcoin fails to hold its uptrend support and falls below $65,292 due to macroeconomic issues, the optimistic forecast could be invalidated. Such a dip might push prices down to $61,868, challenging the bullish perspective.
