Bitcoin Whales Emulate Bull Market Trends, BTC Targets $72K

Bitcoin (BTC) price saw an upward trend when Wall Street opened, as bullish investors remained resilient in the face of market uncertainty. The price of BTC crossed $71,000 and experienced a brief period of volatility due to a legal dispute between Coinbase and the SEC, which caused the price to drop below the $69,000 support level. Buyers quickly stepped in and continued to push the price towards its all-time high. Traders warned of potential fakeout price behavior resulting from manipulative moves in liquidity. Bid support between $70,200 and $70,600 disappeared from the Binance order book, indicating possible manipulation.

Despite the resistance at all-time highs, some traders predicted that Bitcoin could reach new highs in the low $80,000 range if sellers were overwhelmed. A chart showed that there was near-term trendline support provided by the 200-period moving averages on 4-hour timeframes. On-chain analytics revealed a shift in Bitcoin ownership, with long-term investors offloading their coins and institutional investors (known as “TradFi”) buying up the supply. These institutions, specifically the US spot Bitcoin ETFs, were removing billions of dollars’ worth of BTC from the market daily. This change in ownership was observed on-chain and represented a transfer of Bitcoin from old whales to new whales, rather than retail investors.

A chart depicting major shifts in on-chain ownership showed that similar patterns occurred during the 2017 and 2021 bull markets, leading to all-time highs. Despite reaching new highs, mainstream interest in Bitcoin has been decreasing in recent weeks, as reported by .