Bitcoin (BTC) price has increased 2.6% over the past 24 hours and is currently trading 14.8% below its all-time high of $73,737 reached on March 14.
BTC/USDT Daily Chart | Source: TradingView
Despite this correction, technical setup, whale activity, and on-chain data suggest that investors believe Bitcoin is about to reverse trend, rising to a new all-time high.
BTC price retests key support zones
Bitcoin's monthly chart shows the price retesting an area that served as resistance when BTC hit its previous all-time high.
According to analyst Rekt Capital, this zone is currently acting as support for BTC as the post-halving sell-off failed to drag the price below this zone.
“On the monthly timeframe, Bitcoin is still retesting the key resistance zone at the previous all-time high (red) as new support (green).”
BTC/USDT Monthly Chart | Source: Rekt Capital
Analyst Mustache also made a similar observation, sharing a three-day chart of BTC/USD that shows the price is trading close to its previous all-time high.
According to Mustache, this has only happened twice in the past – in 2017 and 2020. In both cases, the previous all-time high supported Bitcoin price, after which the coin continued its uptrend parabolic, reaching new ATH.
Source: Moustache
In another X post on April 25, Mustache commented on a similar setup on the monthly chart, saying that BTC is moving higher after retesting the line.
“Bitcoin has been rising very strongly after regaining this line in 2012, 2016 and 2020. It's just getting started.”
Whale accumulation supports Bitcoin's upside potential
According to analytics platform Santiment, in response to the market decline over the past few days, Bitcoin whales have taken advantage of further accumulation.
The platform noted that addresses holding more than 1,000 BTC have “made several cumulative moves over the past 24 hours” as BTC fluctuated tightly between $61,000 and $64,000.
In a May 9 post on social platform X, Santiment said:
“Wallets with 1K-10K $BTC have accumulated a total of ~$941M worth, recovering to 2-week high holdings.”
Chart of the number of Bitcoins held by only 1,000-10,000 BTC | Source: Santiment
This means that major Bitcoin investors remain “confident despite the price drop to $62,000,” the on-chain data provider explained.
Overall, this is a positive sign because the continuous accumulation signals the optimistic sentiment of this group of investors.
Bitcoin balances on exchanges are gradually decreasing
Data from on-chain analytics firm CryptoQuant shows BTC balances on exchanges hit a five-year low at 1.927 million BTC after falling 6.54% over the past 90 days.
Reserve BTC on exchanges | Source: CryptoQuant
The reduction in BTC balances on exchanges simply means that investors withdraw their coins to self-managed wallets, indicating that they have no intention of selling in anticipation of future price increases.
https://tapchibitcoin.io/3-ly-do-cho-thay-btc-se-som-dat-muc-cao-nhat-moi-thoi-dai-moi.html
