Amid the intense momentum surrounding all-time highs (ATHs), the continued accumulation endeavors of Bitcoin whales have come to the forefront, with Bitcoin's ascent to a 27-month high surpassing $63,000.
Bitcoin Whale Accumulation Is Optimistic
As per Santiment, a prominent provider of on-chain metrics, the quantity of Bitcoin whale addresses possessing more than 1,000 BTC has escalated to an unprecedented degree, signifying the most accelerated expansion in the past two years.
The number of wallets housing a minimum of 1,000 BTC increased by over 147 in February compared to January, indicating a heightened accumulation level within the Bitcoin ecosystem.
Prominent analyst Ali Martinez expressed comparable sentiments, noting a noticeable accumulation pattern among the largest cohort of whales, which comprises individuals with Bitcoin holdings varying from 1,000 to 100,000 BTC. These accumulation patterns, characteristic of bullish markets, indicate that significant holders are optimistic.
A New All-time High Knocks
In light of Bitcoin's record-breaking surge to $69,000 in November 2021, conjecture surrounds whether the leading cryptocurrency will exceed this milestone during the remarkable uptrend.
Amid the recent transition of the cryptocurrency market, Bitcoin surpassed $62,000. According to a report from CoinGecko, Bitcoin has maintained this price level since November 12, 2021, registering a 21% increase over the past week.
Uncertainty surrounds the possibility that Bitcoin will surpass its all-time high of $69,000, given that the cryptocurrency had continued to attract significant inflows since January, when Spot Bitcoin ETFs were approved. Time will tell what trajectory Bitcoin will follow as it maneuvers through these bullish currents.
BTCUSD Technical Analysis
In the daily chart of Bitcoin price, the recent price hovers at an all-time high, which indicates strong buyers’ presence in the market. In this context, the upward continuation is potent as long as the price trades without any significant bearish signal.
In the primary outlook, the dynamic 20-day EMA is below the current price with an upward slope below the 49036.00 static support level. Moreover, the dynamic 100-day SMA is below the 38548.00 support level, suggesting a major support.
In this context, the current BTC price trades below the 261.8% Fibonacci Extension level from 49036.00 high to 38548.00 low. Therefore, downside pressure, probably a bearish exhaustion from the 65000.00 to 67500.00 area, could be a bearish opportunity. However, an immediate bearish correction with a bullish reversal from the 52500.00 to 49000.00 area could be a bullish continuation signal, targeting the 70000.00 level.
