Bitcoin’s price has been experiencing significant volatility since the beginning of the year. Despite a decline from the all-time high of nearly $109,000, both the bulls and the whales seem to maintain their momentum. The token has successfully surpassed the crucial resistance level at $88,500 and almost reached highs of $94,000. Currently, there is upward pressure on the token, with the bullish momentum still strong.
Recent data from Glassnode suggests that whales are accumulating Bitcoin at a pace not seen since 2020. Large buyers holding more than 10,000 BTC are engaging in substantial accumulation. Additionally, holders with BTC ranging from 1000 to over 10,000 BTC are also accumulating the token. Institutional investors have also started accumulating Bitcoin, as spot ETF inflows hit a record high, nearing a billion during the last trading day.
Following four consecutive days of gains, market participants are displaying bullish sentiment towards Bitcoin. However, there is still some skepticism regarding the next price action, as the market remains divided between long positions and short positions.
The Bitcoin long/short ratio currently stands at around 0.9841, indicating that traders are hedging their positions heavily. Despite the recent increase in bullish momentum, long positions account for 49.56% of trades, while short positions make up around 50.4%. This situation has sparked speculation about whether it signifies a period of calm before a significant breakout or a potential reversal for the token.
In terms of price analysis, the short-term outlook for BTC is bullish, with the token forming consistent higher highs and lows. Increased buying volume has led to higher volatility, suggesting that the price is likely to maintain an upward trajectory. The stochastic RSI is approaching the lower threshold and gearing up for a bullish crossover. However, the MACD indicates a decrease in buying pressure in the short term, with levels heading towards a bearish crossover.
As the price has fallen below the rising trend line, it may reach the average levels of the channel in the short term. Nevertheless, a rebound is expected to occur, pushing the price towards the channel’s resistance and potentially surpassing $96,000 by the end of the month.