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Bitcoin's most recent reversal at $67,000, toward $65,880, was a worrying sign for investors as it would mean that the asset could not 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 gearing up for another push toward the long-anticipated $70,000 mark.
Bitcoin has been consolidating between $65,000 and $67,000 in the last few days, trying to break above critical resistance levels. The 50 EMA has been the most important threshold for $BTC to break, and the recent bullish momentum suggests that $BTC might be able to overcome this barrier and leave it behind. A successful breach of the 50 EMA could set the stage for a rally toward $70,000.
Analyzing the on-chain data, we see a substantial number of large transactions, which indicates increased activity among whales. Over the last 24 hours, there have been 11.8K large transactions, hitting the seven-day high of 17.89K on May 15, 2024. This surge in large transactions is a positive sign, as it shows that big players are still actively trading Bitcoin, potentially driving the price higher.
Furthermore, the In/Out of the Money Around Price (IOMAP) data reveals that a significant number of addresses are "in the money" at the current price levels. Approximately 5.96 million addresses, or 71.14%, are profitable, which provides a solid foundation for bullish sentiment. These addresses could act as a support level if Bitcoin faces another downturn, as holders might be 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 target the $70,000 mark. The data suggests that there is a strong chance of this happening, especially with the current bullish momentum and the increased activity among large traders.