U.Today – The most recent reversal from $67,000, towards $65,880, was a worrying sign for investors as it would mean that the asset would be unable to gain a foothold above the 50 EMA resistance level. Luckily, the situation has changed and Bitcoin managed to paint a green candle in the last few hours. This could be a sign that BTC is preparing for another push towards the long-awaited $70,000 mark.
Bitcoin has been consolidating between $65,000 and $67,000 in recent days, trying to overcome critical resistance levels. The 50 EMA has been the most important threshold for BTC to break, and the recent bullish momentum suggests that BTC could break through this barrier and leave it behind. A successful breakout of the 50 EMA could set the stage for a rally towards $70,000.
Analyzing the on-chain data, we see a substantial number of large transactions, indicating increased activity among the whales. In the last 24 hours, there have been 11.8 thousand large transactions, reaching a seven-day high of 17.89 thousand on May 15, 2024. This increase in large transactions is a positive sign as it shows that large Players are still actively trading Bitcoin. , which could drive up the price.
Furthermore, In/Out of the Money Around Price (IOMAP) data reveals that a significant number of addresses are “in the money” at current price levels. Approximately 5.96 million addresses, or 71.14%, are profitable, providing a solid foundation for bullish sentiment. These addresses could act as a support level if Bitcoin faces another downturn as holders are less likely to sell at a loss.
The next major resistance levels are between $66,628 and $67,788. If Bitcoin can break through this zone, it will likely aim for the $70,000 mark. The data suggests that there is a strong possibility of this happening, especially with the current bullish momentum and increased activity among large traders.
This article was originally published on U.Today.
