Bitcoin (BTC) price closed last week with a bullish outlook after rebounding from a crucial support level of around $80k in the past few days. The flagship coin surged around 3 percent in the past week to trade about $83,720 on Monday, March 17, during the mid-London session.
However, the fear of further Bitcoin price capitulation is still evident as the BTC fear and greed index dropped to 32 percent, signaling fear, from 46 percent over the weekend.
Bitcoin Whales Distributes Profits
Amid the highly anticipated parabolic rally for the coming months, on-chain data shows whale investors have accelerated profit-taking led by BTC miners. For instance, Bitcoin miners sold over 1k BTCs in the past week, while the U.S. spot BTC ETF issuers recorded their fifth consecutive week of cash outflow.
Meanwhile, the overall supply of Bitcoin on centralized exchanges increased by around 2,783 coins last week to hover about 2.22 million BTCs at the time of this writing.
BTC Price on a Crucial Crossroad
After being trapped in a falling trend since the second inauguration of U.S. President Donald Trump, Bitcoin price has been retesting a crucial support level above $80k. According to crypto analyst alias Captain Faibik, Bitcoin price has been forming a falling wedge on the daily timeframe, which could lead to a major breakout towards $109k soon.
However, the crypto analyst cautioned BTC traders of a potential liquidity grab to $78k before an imminent bullish breakout.
Bigger Picture
The Bitcoin network has grown significantly in the past year to over 42 million on-chain holders. The BTC network has seen its hashrate grow to over 764 EH/s following the ongoing mainstream adoption by institutional investors and nation-states led by the United States.
According to market data from Defillama, the Bitcoin network has around $5.5 billion in total value locked (TVL) and over 682k active addresses on its DeFi platforms.
