Only a month and a half in the past, this text would have made no sense when BTC’s value tumbled under $75,000 and the primary speculations throughout the group turned on whether or not the bull run had abruptly ended.
Yesterday, bitcoin’s value stood at $30,000 greater, and it got here simply 2% away from breaking its all-time excessive from January. It sits barely decrease now, however there’s one thing within the air that implies a brand new peak is coming. Let’s see what on-chain information and a few technical indicators will say about that.
The Bull Case
We start with massive accumulations. In spite of everything, costs are inclined to rise if there’s extra shopping for momentum, proper? Lookonchain listed a lot of whales which have gone on an accumulation spree up to now few days, buying in whole over $250 million price of BTC.
Many whales are accumulating $BTC!
bc1qcp withdrew one other 1,350 $BTC($141.91M) from #Binance 8 hours in the past and presently holds 20,723 $BTC($2.19B).
bc1qpu (linked to Abraxas Capital) withdrew 675 $BTC($71.03M) from #Kraken 7 hours in the past and presently holds 1,797 $BTC($190.11M).
— Lookonchain (@lookonchain) May 20, 2025
The buildup group is often led by Michael Saylor’s Technique, and the world’s largest company holder of bitcoin didn’t disappoint this week. On Monday, the NASDAQ-listed firm announced the newest buy of BTC, price three-quarters of a billion. Metaplanet additionally joined the pack by buying over 1,000 BTC for $104 million.
In the identical context, it’s additionally price exploring the ETF inflows, which have been within the inexperienced for a lot of the previous month. Actually, there have been solely 4 pink examples since April 14 out of 25 buying and selling days. In keeping with information from Farside, the worth of internet inflows has surged previous $3.3 billion since Might 1.
Ending off the accumulations with information from Glassnode, which reads that (virtually) all types of BTC wallets have been shopping for not too long ago – it’s not simply whales and firms.
Accumulation is now seen throughout practically the whole pockets spectrum. Even <1 $BTC holders have flipped from distribution to mild accumulation (~0.55), becoming a member of bigger cohorts like 100–1K (~0.9) and 1K–10K #BTC (~0.85). Just one–10 #BTC stay internet sellers. pic.twitter.com/C4C9ZLlwNs
— glassnode (@glassnode) May 19, 2025
The fifth bullish sign for bitcoin comes from a barely completely different perspective, as the general market sentiment has switched to extra optimistic floor. That is evident from the rising variety of BTC leaving exchanges and the MVRV ratio, which is way from the height ranges.
The Bearish Facet
When there are bulls, there should be some bears, proper? Effectively, their narrative receives help from the every day RSI, which has gone into an overbought territory, in line with information shared by Ali Martinez.
#Bitcoin $BTC is presently buying and selling in overbought territory, in line with the every day RSI; a possible sign for short-term warning. pic.twitter.com/frK8sYUjyX
— Ali (@ali_charts) May 19, 2025
The favored analyst shared one other worrying signal for BTC’s future value actions as miners, the spine of the world’s largest blockchain community, have gone on a promoting spree up to now day or so, disposing of over $250 million price of the asset.
Miners offered over 2,400 #Bitcoin $BTC within the final 24 hours, valued at roughly $252 million! pic.twitter.com/ZritGe3cw9
— Ali (@ali_charts) May 19, 2025
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