What to know:
- The Bitcoin price is showing a bullish RSI divergence, indicating weakening selling pressure and increasing buying momentum.
- The BTC price is targeting the $80,000 level as analysts identify a potential bullish breakout from current technical patterns.
- Bitcoin network activity climbed to a three-month high, with 712,000 active addresses signaling stronger user participation.
Bitcoin (BTC) is showing a bullish RSI divergence, signaling weakening selling pressure and improving buyer momentum for the Bitcoin price. Rising network activity and stronger whale participation reflect growing investor confidence, while continued accumulation and reduced exchange supply could support a stronger recovery and reinforce the cryptocurrency’s long-term bullish outlook.
At the time of writing, BTC is trading at $64,150.94 with a 24-hour trading volume of $23.31 billion and a market capitalization of $1.28 trillion. Following the 1.01% gain over the last 24 hours, the BTC price structure and whale accumulation point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Bitcoin Whales Accumulate as Price Eyes $65,000 Breakout
Bitcoin Price Eyes $80K on Bullish RSI Divergence
According to the crypto analyst JAVON MARKS, the Bitcoin price is continuing to hold a clear bullish divergence on the Relative Strength Index (RSI), a technical pattern that often signals weakening bearish momentum.
Despite recent price pressure, the indicator suggests sellers are losing strength while buyers gradually return. Analysts view this setup as an early sign that market sentiment could begin shifting in favor of bulls.
Source: JAVON MARKS’ X Post
The bullish divergence could be confirmed through the Bitcoin price breaking out to levels beyond the resistance zone, which will result in a strong recovery.
The technical analysis indicates that the new buying pressure will send the price to levels beyond $80,000. Even though confirmation is key, the chart currently suggests that the bulls are taking charge of the trend.
Bitcoin Addresses Surge as Whale Transactions Spike
The data from Santiment Intelligence further highlighted that the activity in the Bitcoin blockchain has increased significantly in the past seven days, as the number of active Bitcoin wallets has hit 712,000, the highest point in three months.
There have been 61,800 whale trades that surpassed $100,000, the largest number in the last five months. This increase indicates increased involvement by investors in the cryptocurrency.
Source: Santiment intelligence’s X Post
The reports pointing out the link between the increased activities and vulnerabilities in the wallets due to the generation of keys by Coldcard have forced the investors to withdraw their investments from there, consolidate wallets, and improve their custody strategies, as the losses recorded have been more than 2,055 BTC, having an estimated value of more than $130 million.
What Happens Next for Bitcoin?
The future of the Bitcoin price will be determined by whether buyers can sustain their momentum and effect a break above critical resistance levels.
Any signs of strength in on-chain metrics and whale activity might help bring about an overall revival, but declining demand might confine Bitcoin to its existing range.
Also Read: Hashdex Bitcoin ETF to Shut Down After Failing to Gain Investor Interest
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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