Key Points
- Bitcoin’s price closed last week at around $68,500, with a 3.3 percent increase over the past seven days.
- Bitcoin whales have been accumulating the cryptocurrency aggressively over the past year.
Bitcoin’s price ended last week trading near $68,500, marking a 3.3 percent rise over the last seven days.
Despite a decent rebound in Bitcoin’s price over the past two weeks, buyers have found it challenging to push the price beyond the major resistance level of around $72,000.
Bitcoin’s Market Position
The weekly Relative Strength Index (RSI) has also struggled to rally above the 70 level, commonly seen as the bullish flexing zone.
From a technical standpoint, the price of Bitcoin could be caught in a horizontal consolidation pattern in the coming months before an inevitable surge towards a new all-time high.
Last week, it was reported that U.S.-based spot Bitcoin exchange-traded funds (ETFs) have seen over a week of cash inflows following a brief period of profit-taking.
This suggests that institutional investors are preparing for a fresh Bitcoin bull run in the near term.
Bitcoin Whales’ Activity
According to on-chain data analysis by CryptoQuant, Bitcoin whales have been accumulating the cryptocurrency aggressively over the past year.
The average Bitcoin’s 30 DMA on funding rate has been in the positive zone, with the current level around 0.006 and this year’s peak was about 0.03.
With the supply of Bitcoin on centralized exchanges at a multi-year low, it is clear that more long-term investors are interested in digital gold.
The high fiat inflation and ongoing global geopolitical conflicts have favored the adoption of digital assets.
Notably, the upcoming United States elections in November have been described as the first crypto-oriented election in history.
Over the weekend, Republican presidential candidate Donald Trump pledged to fully endorse crypto assets in addition to freeing Silk Road creator Ross Ulbricht if elected.
Bitcoin’s Future
Bitcoin’s price is expected to continue in a consolidation mode as the altcoin industry gains bullish momentum.
From a technical perspective, Bitcoin’s price will continue to range between $72K and $61K until a consistent close outside the channel.
In the event of a bullish breakout, popular crypto analyst MikyBull Crypto expects Bitcoin’s price to reach $78K.
Meanwhile, Bitcoin’s dominance has dropped 4 percent in the past ten days, suggesting a rising momentum in the altcoin industry.
Moreover, the ETH/BTC pair has rebounded and rallied more than 27 percent in the same period. The approval of spot Ether ETF has rejuvenated the potential of the anticipated alt season happening in the coming weeks.
