Last week, Bitcoin's price rose to approximately $83,720, with a 3% gain, though market sentiment remains unsettled.
Profit Distribution by Bitcoin Whales
Whale investors, including miners, have been actively taking profits. Over 1,000 BTCs were sold by miners last week, while U.S. spot ETF issuers saw their fifth consecutive week of capital outflow. The total supply of Bitcoin on centralized exchanges increased by 2,783 coins.
BTC at a Crucial Crossroad
Bitcoin's price is at a pivotal level after a prolonged downward trend. According to analyst known as Captain Faibik, a falling wedge pattern is forming on the daily timeframe, potentially leading to a breakout to $109,000. However, traders are advised to be cautious of a possible dip to $78,000 before the upward surge.
The Bigger Picture
The Bitcoin network continues to grow, with over 42 million on-chain holders. The hashrate of the network has climbed to 764 EH/s amid increasing interest from institutional investors. Defillama reports around $5.5 billion in total value locked and over 682,000 active addresses on its DeFi platforms.
While Bitcoin's price has shown a significant increase, the market remains volatile. Experts and traders continue to monitor future developments closely.
