Bitcoin is on the rise, with bulls showing strength and pushing the price higher as the week concludes on Wall Street.

BTC Price Prepares for Resistance Retest

Following a surge in price action, Bitcoin surpassed $71,000, displaying volatility the day before due to an ongoing legal dispute between Coinbase and the SEC which briefly dropped Bitcoin below the $69,000 support level. However, buyers quickly stepped in, attempting to reach all-time high liquidity levels. While anticipating manipulative liquidity moves, traders have noted significant bid support between $70,200 and $70,600 that was later removed from the Binance order book.

Considering Bitcoin's price discovery, Daan Crypto Trades believes breaking the all-time high could lead to prices exceeding $80,000 shortly after. Support is seen in the near-term with the 200-period simple and exponential moving averages on the 4-hour timeframes.

Bitcoin Whales Shift Ownership

Analyzing BTC flows on-chain, CryptoQuant's CEO, Ki Young Ju, highlighted long-term Bitcoin hodlers selling off coins while new whale entities, likely institutions, are acquiring supply. U.S. spot Bitcoin ETFs are draining significant amounts of BTC from the market each day, indicating a shift in ownership from old whales to new whales (TradFi), not retail investors.

Major on-chain ownership changes have historically led to all-time high price rallies in both the 2017 and 2021 bull markets. Despite reaching new highs, mainstream interest in Bitcoin has declined recently.

This article presents information and analysis, not specific investment advice. Readers should conduct their own research and consider risks before investing or trading.