Bitcoin exchange reserves have been plummeting heavily and recently witnessed the largest weekly exchange outflows since mid-September. This has been suggesting strong buying activity as the BTC price has been hovering just 8% away from its highs. On the other hand, whale accumulation has reached a historic milestone as they hold over 670K BTC, which is around 3.5% of the total supply. Moreover, the ETF inflows have also been peaking in the past few days, suggesting a monster move is incoming.
After a seven-month-long consolidation, the BTC price triggered a breakout of the accumulation zone. This move was validated in the times when the volume remained restricted within a range. Woefully, the bears began to extract their profits, restricting the rally below the 2021 highs close to $69,000. Interestingly, the price continues to hold above the crucial range, hinting towards a potential upswing in the next few days.
However, from a wider perspective, the BTC bulls are expected to reclaim their dominance and the technicals have just flipped in favour of them. In such a scenario, when will the BTC price reclaim the highs, forming a new one?
The weekly chart has flashed massive bullish signals for the crypto as the bulls attempt to break above the upper resistance of the channel. The price is trading within a descending broadening wedge and underwent a failed attempt to breach above the resistance. However, this could be just a small correction as the bulls remain dominant. The DMI levels have converged and hence a breakout could be imminent with a bullish crossover.
Secondly, the BTC price has risen above the bull market support band (BMSB), which suggests the bullish conditions of the market. Therefore, with this, the token is expected to remain elevated and with a bullish crossover of both the MA within the BMSB, the bullish trajectory has been validated. The weekly crossover occurred previously in Q3 2023 and pushed the price to a new ATH above $73,750. Now that similar trading conditions have met, a new ATH close to $80,000 appears to be imminent.
