Bitcoin (BTC) price may have seen a recent pullback as it trades within a tight range, with key on-chain data suggesting a breakout is imminent.
The digital currency ecosystem is seeing a new turn of events as the price of Bitcoin (BTC) fell 2.02% to $68,186.09 in 24 hours. However, the total market capitalization of the entire industry has risen 7.93% to $2.56 trillion. Despite this, more than 3 Bitcoin indicators suggest that a bullish price rebound may occur in the future.
Bitcoin price key indicators
According to on-chain data, Bitcoin trading volume surged 26.17% to $32,682,766,117 in the past 24 hours. These data show that in addition to the short-term market reaction, swing traders also showed buying interest.
The market appears to be recovering after news began circulating that pro-Bitcoin U.S. presidential candidate Donald Trump was allegedly having conversations in jail. Bitcoin is currently in recovery mode after falling as much as 3%.
Looking further, the major currency’s open interest is currently in recovery mode, up slightly by 0.7% to $18.63 billion at the time of writing. This figure is commensurate with the large trades recorded in the past 24 hours.
According to crypto analytics platform IntoTheBlock (ITB), whale trading volume increased by 13.45% to $38.69 billion. This is a fairly bullish trend that helps offset the losses in current prices. In addition to whale activity, the number of daily active addresses on the Bitcoin blockchain also surged by 11.64% to 612.32K, higher than any other coin.
Amid all this, selling pressure on the Bitcoin blockchain has been relatively limited. This explains why the price has largely held support at $67,000. According to ITB data, BTC’s profit-taking addresses have increased to 95.51%, laying the foundation for a sharp rebound in prices.
How high can Bitcoin go?
Despite a 7.44% drop from its all-time high of $73,750.07, Bitcoin is widely believed to be in a bull cycle. Spot Bitcoin ETF products still attract a large amount of capital inflows every day, so supply tightening still exists.
As Bitcoin is currently trading above its 100-day and 200-day moving averages, it could restart its rally with the next potential trigger. Many speculate that this trigger could be related to the approval of the S-1 application for a spot Ethereum ETF product. If these events happen simultaneously, Bitcoin could test $80,000 before the end of the first half of the year.
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