Bitcoin (BTC) has been moving within an ascending triangle, a pattern that often signals large price jumps.

The main obstacles preventing this advance are the resistance levels at $61,846 and $64,169. Overcoming these levels will be crucial for BTC to start its next move, which could lead to significant gains for investors.

Investors could drive Bitcoin higher

Investors have shown strong optimism in Bitcoin’s potential recovery, which is evident in the accumulation of 33,950 BTC over the past ten days. The decrease in balances on exchanges from 3.022 million coins to 2.988 million indicates that investors are withdrawing their crypto from these trading platforms.

The amount, valued at over $2 billion, highlights growing confidence in the market. This accumulation is a key bullish indicator as investors believe the price is poised for a recovery.

Bitcoin (BTC) supply on exchanges. Source: Glassnode

The recent surge in buying activity highlights the belief that Bitcoin is on the verge of breaking out of key resistance levels. As accumulation continues, the market could soon see a fresh push towards the $64,000 mark. This is likely to be driven by growing investor demand and positive sentiment.

In terms of macro trends, the “consumed age” metric plays a significant role in assessing the actions of long-term holders. This metric measures how the movement or sale of older BTCs impacts the market.

For months, spikes in this indicator have suggested selling, creating pressure on the cryptocurrency’s price. However, since the start of the month, long-term holders have remained largely inactive.

This inactivity signals confidence in Bitcoin’s future rally as long-term holders anticipate bigger gains ahead. The lack of selling indicates that they believe the cryptocurrency is poised for a substantial move higher. This would reinforce the broader market’s bullish outlook.

Bitcoin Consumption Age. Source: Santiment

Read more: Top 5 Most Secure Bitcoin Wallets of 2024

Price forecast

Bitcoin is currently trading just below the $60,000 mark and is on the verge of breaking out of the ascending triangle pattern. If it can flip $64,169 into support, the pattern suggests a potential 35% rally, propelling the price to $81,556. However, such a breakout will require strong bullish momentum.

If the optimism among holders translates into a fresh bounce, the asset could break above the $61,846 resistance. Overcoming this level makes a move towards $64,169 more likely. This would set the stage for more gains as BTC pushes towards $81,556.

Bitcoin (BTC) Chart on TradingView

However, given past failures to break above $61,846, Bitcoin remains vulnerable to another unsuccessful breakout. Should that occur, it could continue to consolidate below the key barrier. This would invalidate the bullish outlook and delay the expected rally.

The article Bitcoin (BTC) About to Rise with Billionaire Investors Buying It? appeared first on BeInCrypto Brazil.