Despite geopolitical tensions and the growth of macroeconomic uncertainty, the chain data suggest that the Bitcoin bull cycle is far from over.
Instead of reporting exhaustion, the measures that follow the behavior of investors reveal that the BTC can still have an important place to operate in this cycle. This analysis explores how.
Whales pile up, retail investors come out
According to a recent report by the cryptocurrency pseudonym IT Tech, major BTC holders – generally whales, institutions and funds – have regularly increased their accumulation of parts in the past year. This is in strong divergence with the trend among retail investors who continue to unload their assets.
IT Tech noted that the number of documents held by retail investors (portfolios holding less than 1 BTC) decreased in the past year. These portfolios currently hold 1.69 million BTC, which represents an annual sliding drop of 54,500 BTC, with an average output of around 220 BTC per day.
On the other hand, the biggest holders with 1,000 BTC or more aggressively accumulate the room. This group of investors now controls 16.57 million BTC, an increase of 507,700 BTC in the past year.
Their average daily entry amounts to 1,460 BTC, highlighting the demand of institutional actors, even in the midst of its recent price problems. In addition, this cohort shows a strong positive correlation with the price of BTC, at +0.86, which suggests that institutional accumulation intensifies as prices increase.
In addition, the report indicated that the current BTC cycle does not have the fear of retail trade (FOMO). Unlike the tops of the previous bull cycle, where retail investors have stacked on the market, the current cycle shows a continuous sales pressure of these small holders. He noted that this means that “the Bull Run still has room”.
Will he pass the resistance of $ 109,000?
Since the announcement of Israel-Iran’s ceasefire on Monday, the BTC price has been on a progressive progressive trend. Trading at $ 107,698 at the time of the press, its value has increased by 2% since the cancellation of the news.
In addition, its increasing relative resistance index (RSI) confirms the pressure of the purchase supporting this rally. To date, the RSI is 57.15 and climbing, reporting a constant increase in demand for the king’s medal.
The RSI indicator measures excessive market conditions and occurs as an asset. It varies between 0 and 100. The values greater than 70 suggest that the asset is overflowed and due for a drop in prices, while the values less than 30 indicate that the assets are occurring and can attend a rebound.
With the RSI at 57.15 and the increase, the growing demand for the BTC could push its price above the resistance to $ 109,267, moving potentially to its $ 111,968 summit.
However, if the request is weakening, the BTC price could go back to $ 106,295. Failure to comply with this support can lead to a new drop to $ 103,952.
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In accordance with the Trust project guidelines, this price analysis article is for information purposes only and should not be considered as financial or investment advice. Beincrypto is committed to exact and impartial reports, but market conditions are likely to change without notice. Always carry out your own research and consult a professional before making financial decisions. Please note that our terms and conditions, our privacy policy and our non-responsibility clauses have been updated.
