Main takeout:
The price of Bitcoin is lower than the all -time high of almost $ 112,000.
According to whale accumulation, powerful ETF inflows and other factors, BTCs are tracking at $ 120,000.
BTC (Bitcoin) shows several ONCHAIN and technical signals that still have a greater increase in BTC.
Bitcoin whales accumulate more BTC
Large -scale bitcoin investors have added to the stake in anticipation of the future price hikes. According to the data from Market Intelligence Firm Cryptoquant, the ratio of wallets with 1,000 to 10,000 BTC has increased rapidly with a 16%increase in the same period since May 6.
In the post on X’s May 29, the cryptocurrency added:
“Historically related to higher prices.”
Ochain Data Provider Santiments also emphasized that aggressive accumulation occurs in wallets with 100 to 1,000 BTC.
In the last six weeks, the group has added more than 337 wallets to accumulate more than 122,330 BTCs, reaching $ 13.3 billion at the current price.
“In the last five years, the wallet of the encryption market has not been related to the encryption market, rather than the behavior of whales with $ 100 to $ 1,000 in Bitcoin’s history.”
Additional data on GlassNode data shows the Bitcoin accumulation trend score (ATS) of 1. This means the intense accumulation of large investors.
Overall, this is a positive signal with an optimistic emotion among these investors.
Strong spot Bitcoin ETF inflow
The US -based SPOT Bitcoin Exchange Trading Fund (ETF) continues to see large capital inflows, and SOSOVALUE’s data has recorded a total of $ 4.2 billion in the investment product for 10 consecutive days.
SPOT BITCOIN ETFS said, “We have seen the continuous purchase pressure that started at the end of April and has still been strong today.
“This large and continuous purchasing pressure from retail and institutional investors has been a meaningful tail of the market that supports all previous ATH brakes since it was broadcast live in 2024, suggesting continuous trust in assets.”
This is also reflected in other Bitcoin products, and Coinshares recorded a total of $ 29.7 billion in the week, ending on May 23, which flows to BTC Investment Funds.
Investor feelings maintain a positive state
Social media circles maintained positive feelings of bitcoin and encryption assets. Crypto Fear & Greed Index, a barometer of investor sentiment, suggests “greed” in the market with a remarkable score with 74 points.
In particular, this index is more than 50 after staying below the middle level between February and April. Starting May 6, if the index is maintained in the “greed” area, the market player strongly represents a positive feeling of a wider password market.
This pattern of market sentiment has been a pioneer in the past price rally and can be an indicator of the coming bull run. Interestingly, the index is significantly lower than 82 in March 2024, indicating the top of the region on December 94, 2024.
This suggests that the encryption Fear & Greed index can still go beyond 85 to the “extreme greed” area and push the price of bitcoin to a new high.
relevant: The Bitcoin price would have reached $ 130K or $ 1.5m, Top Bulls says.
Bitcoin’s OI remains high ATHS
According to CoingLass data, the public interest on Bitcoin Future Contracts has been expanded to $ 74,000 or less on April 8th after the local $ 74,000, according to CoingLass data, according to CoingLass data, according to CoingLass data. According to CoingLass Data, it expanded to $ 8.5 billion on April 23 on April 23.
IO is currently $ 78.4 billion and has increased $ 27.6 billion or 54% over the last 50 days, which often suggests the accumulation of leverage that involves optimistic environments.
In addition, the increase in BTC is the public interest on optional agreements that have soared from $ 20.4 billion to $ 462 billion, depending on the data of GlassNode.
Pay attention to GlassNode:
“Fast expansion of options reflects the base of mature investors who hire more and more options to execute more sophisticated strategies to fine -tune risk management and trading locations.”
Historically, if the OI remains high for a long time, the market tends to enter the stage of happy stocks. As Bitcoin prices still account for a record high, investors’ interests continue to be built in the derivative market, which has a positive effect on the price.
Bitcoin Price $ 120K Next
The liquidation data shows a thick order cluster between $ 111,000 to $ 115,000. This position often acts like a magnet, and market manufacturers set prices to find liquidity.
If BTC continues to climb, you can put pressure on a short seller who needs to exit.
Liquidity maps are often ahead of the price. This dense activity is more than a record high, and the route of the minimum resistance appears in the short term.
GlassNode said that the BTC price argued that “there is more room for expansion before investors’ unprecedented profits have reached extremely levels,” the MVRV band is about $ 120,000.
“As the market moves to the stage of price discovery, the $ 120K level appears to be a major area of interest, and the sales pressure is expected to accelerate in this area.”
As reported by Cointelegraph, Bitcoin is expected to reach $ 120,000 for $ 200,000 by the end of the first half of 2025.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.