Bitcoin Price Analysis: Why BTC Rise to $67k Hints End of Correction Trend 🕵️

Bitcoin Price Analysis: BTC rebounded from $56,500, rising 18.7% to $66,530. Whale wallets holding 100+ BTC total of 11.79 million, with activity at a 2024 low. Increased whale activity could push BTC to $73,800.

This week has been notably bullish for the pioneer cryptocurrency Bitcoin showcasing a 10% growth as price jumped from $60474 to $66500. The rising BTC breach backed by a significant surge in volume gives a bullish breakout from a key resistance signaling the end of a 2-month correction trend. This upswing also triggered a renewed recovery sentiment in the altcoins market.  4

The last correction trend in Bitcoin price recently reverted from 50% Fibonacci retracement level at $56500. In theory, a pullback to this degree is considered beneficial for the asset to regain bullish momentum.

This renewed recovery pushed the BTC from $56000 to $66530 to record 18.7% and also developed a higher low indicating the traders are interested in buying dips. An analysis of the daily time frame chart shows the rally gave a decisive breakout in the channel pattern that carried this six-week correction.

In a recent tweet, crypto analytics firm Santiment highlighted a significant trend in Bitcoin whale activity. According to their data, wallets holding 100 or more Bitcoin (BTC) continue to maintain a substantial amount of the cryptocurrency, totaling 11.79 million BTC.  (By coinpage)

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