The main dishes to remember:
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The Bitcoin price is consolidated below its historic summit of almost $ 112,000.
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The accumulation of whales, solid FNB entries and other factors suggest that BTC is on the right track at $ 120,000.
Bitcoin (BTC) shows several onchain and techniques signals that there is even more upwards for BTC.
Bitcoin whales accumulate more BTC
Large Bitcoin investors have added to their assets in anticipation of price increases in the future. The data from the cryptobrant market intelligence show that the percentage of wallets holding between 1,000 and 10,000 BTC has increased sharply since May 6, accompanying a price increase of 16% during the same period.
This is a “sign of the growing confidence of investors,” said Cryptochant in an article on May 29 on X, adding:
“It is historically linked to higher prices.”
The OCHAin data supplier also stressed that an aggressive accumulation occurs among portfolios holding between 100 and 1,000 BTC.
In the past 6 weeks, this group has added more than 337 portfolios, collectively accumulating more than 122,330 BTC, worth around $ 13.3 billion at current prices.
“In the past 5 years in the history of Bitcoin, no portfolio level has been correlated by prices on cryptographic markets that the whale behavior holding between $ 100 and $ 1,000 BTC.”
Additional Glassnod data data shows the Bitcoin (ATS) tendency to accumulation, which means intense accumulation by large investors.
Overall, it is a positive sign because continuous accumulation signals an optimistic feeling among this cohort of investors.
Strong Spot Bitcoin Etf Flows
Bitcoin Bitcoin Bitcoin Bitcoin funds based in the United States continue to see massive capital entries, Sosovalue data showing that these investment products have recorded entries for 10 consecutive days, totaling $ 4.2 billion.
The FNB Bitcoin Spot “experienced a sustained period of pressure on the purchase side which is from the end of April and remains strong today,” said the analysis company of the Glassnode blockchain in its latest onchain report, adding:
“This important and sustained purchase pressure from retail and institutional investors suggests continuous confidence in assets, and has been a significant back wind for the market, supporting all the previous ATH breaks since their online launch in 2024.”
This is also reflected in all other Bitcoin products, Coinshares stressing that flows in the BTC investment funds totaled $ 2.97 billion in net entries during the week ending on May 23.
The feeling of investors remains positive
Social media circles have supported a positive feeling around bitcoins and cryptographic assets. The Crypto Fear and Greed index, a barometer of the feeling of investors, is a notable score of 74, referring to the “greed” in force on the market.
In particular, this index is greater than 50 after staying below the intermediate level between February and April. Supporting this index in the “greed” area since May 6, strongly indicates the positive feeling that market players have for the wider cryptography market.
This market feeling model has been a precursor of price rallies in the past and could be an indicator of a next Bull Run. Interestingly, the index is significantly less than 82 in March 2024 and 94 in December 2024, marking local summits.
This suggests that the index of fear and crypto green could further increase in the area of ”extreme greed” beyond 85, perhaps pushing the price of bitcoin to new heights.
In relation: The price of Bitcoin will reach $ 130,000 or even $ 1.5 million, say the bulls.
Bitcoin OI remains high
Open interests (OI) for Bitcoin term contracts experienced a marked growth from $ 74,000 local in April, going to a record summit of $ 80.5 billion on May 23, going from $ 50.8 billion on April 8, according to Coinglass Data.
The IO is currently $ 78.4 billion, reflecting an increase of $ 27.6 billion or an increase of 54% in only the last 50 days, suggesting an accumulation of the lever effect often accompanying bull.
Support for the increase in BTC is also an open interest in options of options which has reached a new summit of $ 46.2 billion, against $ 20.4 billion, according to Glassnode data.
Glassnode noted:
“The rapid expansion of the open interest of options reflects a basis of maturity investors who are increasingly using options for options to carry out more sophisticated strategies to refine their risk management and commercial positions.”
Historically, when the OI remains high for an extended period, the markets tend to enter a euphoric phase. The price of bitcoin always oscillating around the heights of all time, the interests of investors continue to build on the derivative market, which has a positive impact on the price.
Bitcoin Price Eyes $ $ 120K
Liquidation data shows a thick group of orders between levels of $ 111,000 and $ 115,000. These positions often act as a magnet, which deals with them while market manufacturers hunt liquidity.
If BTC continues to climb, he will put pressure on the open sellers who could be forced to go out, triggering a cascade of purchase orders.
Liquidity cards are often at the top of the price. With such a dense activity above the summits of all time, the path of the slightest resistance appears upwards in the short term.
Glassnode argued that the BTC price “has even more room for a new expansion before the unrealized profit held by investors reached an extreme level”, represented by the higher MVRV band around $ 120,000.
“While the market moves in a price discovery phase, the level of $ 120,000 appears as a key area of interest, the pressure of the sale should accelerate in and around this area.”
As Cintelelelegraph reported, Bitcoin is expected to reach $ 120,000 in the first half of 2025 en route to $ 200,000 by the end of the year.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
