Bitcoin nearly hit $69,000 yesterday, setting a new local high and further cementing the ongoing uptrend that began in September. This price movement has fueled optimism among analysts and investors, who are now expecting significant gains in the coming weeks.
Investors believe Bitcoin is poised for a strong rally after seven months of sideways accumulation.
Key data from Santiment shows that the number of Bitcoin whales — large BTC holders — increased significantly as soon as the price bottomed around $59,000 on October 10.
This increase in whale activity is often seen as a sign of “smart money” positioning for a big move. Large investors accumulating BTC during the lows indicate they are preparing for something big in the coming weeks.
As excitement builds, market participants are closely watching for further signals that suggest Bitcoin could be headed for new record highs. With momentum on its side, Bitcoin appears poised to lead the market into the next phase of this cycle.
Bitcoin Whale Activity Supports Bullish Outlook
Bitcoin is trading near its historic reaction price of $70,000. A key area that has repeatedly acted as resistance, pushing the price down five times in the past seven months. Each time Bitcoin has approached this level, it has triggered a sell-off or correction, leading to caution among traders and investors.
However, recent data from Santiment suggests that this resistance may be weakening due to increased whale activity. Between October 10 and 13, there was a net increase of +268 wallets holding between 100 and 1,000 BTC, signaling that large players are accumulating Bitcoin as prices rise.
Analysts often view the rise in whale wallets as a strong bullish indicator, suggesting that influential investors are positioning themselves for potential upside in the coming months.
This accumulation moment is important because it coincides with Bitcoin's bullish momentum, signaling that these large players expect further upside. As more large holders continue to enter the market, the opportunity to buy Bitcoin at favorable prices narrows.
This accumulation suggests that whales are betting on a continued bullish run, which could potentially weaken the $70,000 resistance and allow Bitcoin to move higher.
With Bitcoin trading near this important price zone, the next few weeks could be decisive, either breaking $70,000 or facing another correction.
BTC Check Supply Level
Bitcoin is trading at $68,383 after days of hitting new highs, constantly pushing towards new supply levels. The price recently stopped at $68,998 and now looks ready to challenge a new record high.
The surge has created a wave of optimism, but analysts warn that a healthy correction could be imminent.
The 200-day moving average (MA), currently at $63,322, is an important level to watch. If Bitcoin retraces to this support area, it could signal strength for a new rally, as this level has historically acted as strong support in uptrends. Holding above the 200-day MA is crucial to sustaining the bullish momentum.
If Bitcoin fails to clear the $70,000 resistance level next week, a pullback to lower demand levels is expected. This pullback would allow the market to regain liquidity and reset for a potential new rally.
Investors are closely watching price movements in the coming days as they will determine Bitcoin's long-term outlook.
