Bitcoin price has been displaying massive volatility since the start of the year. Despite a drop from the ATH close to $109K, the bulls and the whales do not appear to have lost their momentum. As a result, the token has managed to breach above the crucial resistance at $88,500 and almost marked the highs at $94,000. Currently, the token is facing some upward pressure, but the momentum of the bulls does not appear to have faded.
The latest data from Glassnode hints towards the whales soaking up the supply at a pace not seen before 2020. The large buyers have been buying heavily, with the wallet holding more than 10,000 BTC, displaying a large accumulation.
Holders with BTC ranging from 1000 to more than 10,000 BTC have been displaying a near-perfect accumulation. On the other hand, the institutions have also begun to accumulate Bitcoin. The spot ETF inflows hit a record high during the past trading day, with nearly a billion, the biggest since November. After 4 days of consecutive gains, the market participants seem to have become bullish on Bitcoin. Unfortunately, they remain skeptical about the next price action as the market remains split between the longs and the shorts.
The Bitcoin long/short ratio is at around 0.9841, which suggests the traders are hedging heavily. Despite the latest rise in the bullish momentum, the longs record 49.56% of the trade, while shorts are around 50.4%. Hence, raising speculation whether it is a calm before a massive breakout or the token is heading for a reversal.
Bitcoin (BTC) Price Analysis
The short-term price action of BTC is bullish, as the token has been forming constant higher highs and lows. The volatility of the token has risen to some extent due to a notable influx of buying volume. Therefore, the price is expected to maintain a healthy upswing, regardless of the upward pressure.
The stochastic RSI has reached the lower threshold and is preparing to initiate a bullish crossover. Meanwhile, the MACD in the short term shows a drop in the buying pressure while the levels are heading for a bearish crossover. Hence, the price, which has dropped below the rising trend line, may reach the average levels of the channel. However, the price is expected to trigger a rebound and reach the resistance of the channel and rise above $96,000 before the end of the month.
