Bitcoin (BTC) saw a push towards higher levels as the week drew to a close on Wall Street, with bullish sentiment prevailing despite market jitters.
The price of BTC surged past $71,000, bouncing back from a recent dip below $69,000 triggered by an ongoing legal dispute between Coinbase and the SEC. However, buyers quickly stepped in to drive a rally towards all-time highs.
Some traders warned of potential fakeout moves due to manipulative liquidity tactics, such as bid support between $70,200 and $70,600 that was abruptly removed from the Binance order book.
As BTC continues to face resistance at all-time highs, traders are eyeing a potential breakthrough towards the $80,000s once sellers are overwhelmed. Chart analysis shows support from the 200-period moving averages on 4-hour timeframes.
Meanwhile, on-chain analytics suggest a shift in BTC ownership dynamics, with long-term investors offloading coins to institutional buyers, including those associated with U.S. ETFs. This trend indicates a transfer of BTC from “old whales” to “new whales” in the traditional finance (TradFi) sector, rather than retail investors.
Major shifts in BTC ownership have historically preceded rallies to all-time highs, as seen in previous bull markets. Despite waning mainstream interest in recent weeks, BTC continues to attract institutional attention and investment.
It is important to note that this article does not provide investment advice. Readers are advised to conduct their own research and assessment of risks before making any investment decisions.