- Whales’ Bitcoin buying activity has been witnessed.
- The trading volume of the BTC has also surged over the last 24 hours.
Based on an X post of @lookonchain, whales have recently accumulated Bitcoin. 1LXdAT has accumulated 4,736 BTC worth $309.0M at an average price of $65,294 since March 19.
Also, another address known as bc1qr4 has accumulated a total of 791 BTC, valued at $35.7M. The following Bitcoins were bought at an average price of $45,156 since November 19, 2023.
2 whales bought 791 $BTC($49.8M) at the bottom today.
1LXdAT has accumulated a total of 4,736 $BTC($309M) at an average price of $65,264 since Mar 19.
bc1qr4 has accumulated a total of 791 $BTC ($35.7M) at an average price of $45,156 since Nov 19, 2023.
Address:… pic.twitter.com/7inMMDtPSk
— Lookonchain (@lookonchain) May 14, 2024
Bitcoin crypto price has given a breakout above multiple patterns on multiple timeframe charts. The trading volume of the crypto has surged by 64% over the last 24 hours from the press time.
The following surge in volume shows the advance in the engagement of traders and investors in BTC crypto. Also, the ranking of the crypto’s traded volume is #2 as per CoinMarketCap.
The value of the traded volume for the crypto over the last 24 hours is $27.791B, and the market cap value of the Bitcoin is $1.234T. Also, it has the strongest presence in the market, resulting in a market cap dominance of 53.50%.
The volatility of the crypto price is medium, resulting in 3.14%, and the sentiment of the BTC is neutral, as per CoinCodex.
Bitcoin Crypto Derivatives Data Analytics
The derivatives traded volume for the crypto has witnessed an increase of 59% over the last 24 hours. The open interest has also advanced by 3.08%, resulting in total open positions of $30.0B.
Despite the surge in future contracts, the options volume for Bitcoin has declined by 39% in the last 24 hours. Also, the long/short ratio of the crypto is 1.03, which shows bullishness in the price.
The long/short ratio of Bitcoin shows higher short liquidations in crypto. It has resulted in a short liquidation of $26.02M, while the long liquidation is worth only $7.54M.
The following data shows the bulls’ dominance over the price. It also shows that the price of Bitcoin can surge to higher levels in the future.
BTC Crypto Technical Analysis
On the 4H chart of the BTC crypto, the formation of multiple chart patterns can be seen. The crypto price further has broken above the recorded patterns on the chart.
![Bitcoin](https://victoriaspence.com/wp-content/uploads/2024/05/1715745673_547_BTC-Crypto-Price-is-Gearing-up-to-Break-Above-New.png)
On the 4H chart of the BTC crypto, a descending triangle pattern was formed, and the crypto’s price broke out above the same a few days ago. It shows buyers’ dominance in price.
After the breakout, the crypto price did not make any significant move, and the price of the BTC crypto has slowly declined to a lower level. The following behavior of the crypto price has further formed a declining wedge pattern.
The price of the crypto also broke above the wedge pattern and is retesting the breakout levels at press time. If the BTC crypto trading price breaks above the level of $63500, a surge to higher levels in the crypto price might be seen.
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BTC/USD Chart by TradingView
The price of the BTC crypto has declined below the 50-day EMA while the 50-day and the 200-day EMAs are trading in a golden cross. Thus, if the price breaks above the 50 EMA and closes above the same on a daily timeframe, it might lead to further advance in the trading price of the crypto.
The MACD is neutral on the daily chart of the BTC crypto as the metrics of the MACD are trading in the negative territory. Despite this, the MACD and the signal line are trading in a bullish cross.
The RSI faces rejection at the median level of the RSI but has taken out the 14-day SMA. For further confirmation of the price, it must break above the 50-level and sustain above the same.
Summary
Bitcoin’s price is poised for a breakthrough, with whale accumulation and surging trading volume indicating strong investor interest.
Recent patterns and technical analysis suggest bullish momentum, with potential for further gains if key resistance levels are breached. Despite some indicators showing neutrality, the overall sentiment regarding BTC’s future trajectory remains bullish.
If the price of the BTC crypto fails to advance to higher levels and witnesses profit booking, it might take support at the lower levels of $56,600 and $60.160.
If the crypto’s price continues to surge to higher levels, it might face resistance at the level of $66,800 and $72450.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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