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On-chain data could be indicating aggressive accumulation among Bitcoin whales. According AliAccording to a crypto analyst, Bitcoin whales have purchased more than 30,000 BTC worth approximately $1 billion in the last five days alone.
Bitcoin spot ETF filings appear to have increased appetite for Bitcoin among whales and institutions.
According In the block, a blockchain analytics platform, institutional activity appears to be increasing for the largest cryptocurrency by market capitalization. This comes as the number of transactions worth more than $100,000 on the Bitcoin blockchain reaches a new peak in 2023.
Large transactions, or those over $100,000, spiked in late June following the Blackrock ETF filing and have now surpassed that threshold as Bitcoin hits new yearly highs.
Bitcoin momentarily surpassed $35,000 for the first time since May 2022. BTC is up approximately 14.44% over the past seven days, recently settling at around $34,253 after reaching new yearly highs of $35,157 but failing to surpass that price level.
Whats Next?
Currently, BTC is up over 100% in 2023, as signs emerge that Bitcoin is in the early stages of a bull market.
Not only are cyclical patterns lining up for Bitcoin, but short-term activity is also intensifying; However, the relationship between Bitcoin’s market value and realized value (MVRV) indicates that Bitcoin is not yet as overheated as it was during previous bull markets.
Historically, Bitcoin bull markets have peaked at 300%+ MVRV, which, compared to the current figure of 150%, indicates that the bull market has room to go even further.
The recent high of $35,000 is the next resistance level for Bitcoin, and if this level breaks, the next point could be between $38,000 and $39,000, where 333,000 BTC were purchased.
However, in case of a correction, support appears to be strong near the $30,000 mark.
