Why BTC rises to $67,000 indicates the end of the corrective trend

Bitcoin Price Analysis: This week was particularly positive for pioneer cryptocurrency Bitcoin, recording 10% growth as the price rose from $60,474 to $66,500. The increasing BTC breakout, supported by a significant increase in volume, results in a bullish breakout from key resistance, signaling the end of a two-month corrective trend. This upswing also sparked renewed recovery sentiment in the altcoins market. 4

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BTC Targets $73,800 as Whale Inventories Remain High

The latest corrective trend in Bitcoin price recently returned from the 50% Fibonacci retracement level at $56,500. In theory, a decline of this magnitude is considered beneficial for the asset to regain upward momentum.

This fresh rally pushed BTC from $56,000 to $66,530, reaching a record 18.7% and also developing a higher low, suggesting that traders are interested in buying on dips. An analysis of the daily time frame chart shows that the rally resulted in a decisive breakout from the channel pattern that supported this six-week correction.

In a recent tweet, crypto analytics firm Santiment pointed out a significant trend in Bitcoin whale activity. According to their data, wallets with 100 or more Bitcoin (BTC) continue to hold a significant amount of the cryptocurrency, a total of 11.79 million BTC.

Despite this, the activity of these whale wallets has fallen to its lowest point in 2024. There are currently 15,907 wallets with at least 100 BTC. This decline in whale transactions suggests a period of reduced movement among large holders.

Santiment notes that an increase in whale activity could signal an uptrend for Bitcoin.

If BTC price shows sustainability above the broken trendline, buyers could propel a rally to $73,800.

Technical indicator

• Exponential moving average: The rising 100- and 200-day EMA ensures that the overall trend for Bitcoin remains positive.
• Average Directional Index: The 20% daily increase in the ADX slope suggests that the previous correction managed to stabilize the uptrend for higher growth.

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