💥 $BTC Price Analysis: Renewed Whale Interest Hints BTC to New High Next Week - CoinGape Analytics

Over the past three weeks, the Bitcoin price has traded sideways in two parallel trendlines indicating the formation of flag patterns. The coin price rebounded twice from both trendlines indicating the trades follow the development of this setup.

Currently, the Bitcoin price trades at $69714, while the market cap holds at $1.374 Trillion.

In a recent flurry of activity, large Bitcoin holders, commonly referred to as ‘whales,’ have significantly increased their long positions in Bitcoin, signaling a bullish outlook on the cryptocurrency. According to the verified author of CryptoQuant, Maartunner, these whales have been active not only on HTX Global but also on Bybit, among other trading platforms.

The graph accompanying the tweet highlights a sharp spike in the ‘Taker Buy Sell Ratio’ on Bybit, suggesting an aggressive buying stance among traders as the price of Bitcoin hovers around $69,000. This move could indicate a collective anticipation of higher Bitcoin prices in the near future.

In addition, over $1.57 billion worth of Bitcoin was withdrawn from cryptocurrency exchanges last week, as indicated by the latest data shared by crypto trader Alichart. The withdrawal of approximately 22,647 BTC points to a growing trend among investors to move their assets off exchanges, possibly signaling concerns over security or a strategic shift towards long-term holding.