It seems that the decline in the price of Bitcoin (BTC) is linked to the Securities and Exchange Commission’s (SEC) decision to postpone rulings on spot Bitcoin exchange-traded funds (ETFs). This has led to a profit-taking wave as investors have been buying at lower price levels and then realizing gains at peaks. Current analysis suggests that without positive news, Bitcoin investors continuing to realize profits may pose challenges for the price to surpass the $38,000 threshold in the coming week.
The expectation of approval for a spot Bitcoin ETF in the United States has increased interest in BTC prices, resulting in increased on-chain activities. The future performance of Bitcoin may depend on factors such as regulatory news and investor sentiment.
As reported by CryptoFees, the Bitcoin blockchain recorded transaction fees totaling $11.6 million. Current data from YCharts indicates that the average fee per transaction is currently $17, following the peak of $18.69. This represents a significant increase of 746% compared to the same period last year.
Moreover, Bitcoin’s transaction volume has recently seen a notable increase, reaching a two-month high of 572,800. This trend indicates an uptick in network activity, even as the current price hovers just below $38,000. The increased activity on the BTC network suggests the potential for further price appreciation in the coming week.
Data from IntoTheBlock reveals that addresses holding over 1,000 BTC tokens have accumulated the most significant amount since 2023. These large wallets have consistently increased the number of BTC tokens in their holdings since the beginning of the year, with their current assets measured at approximately 7.67 million BTC tokens. This translates to an accumulated value of around $275 billion at the current price.
This analysis underscores the strong demand and resilient stance of major Bitcoin institutions behind this accumulation. Additionally, the amount of BTC held by long-term investors has recently reached all-time highs.
However, despite the on-chain data pointing towards a bullish scenario, the preference of some investors to realize profits may keep the price of the market leader below the $38,000 level.
What’s next for BTC price?
After witnessing accumulation close to the lowest level at $35,500, the market leader has re-entered an upward trend channel. Nevertheless, the current uptrend appears short-term as investors may be poised for an exit from the $38,000 highest level. BTC recorded a 1.8% increase in the last 24 hours, trading around $36,760 at the time of writing.
Following the touch of the support level at $35,000, the subsequent recovery indicates sustained buying interest at lower prices. Bulls are now attempting to push the BTC price above the resistance level at $38,000. However, the emergence of new short positions may pose some hindrance to this upward potential. Nevertheless, if all goes well, BTC could break the resistance at $38,000 and rise towards $40,000.
On the flip side, a downward price reversal and a break below the channel could signal investor exits, potentially dragging the price below the trend line at the EMA100 level. Losing the $35,000 level could lead to a retest of $33,300, where aggressive buying by bulls is anticipated at these lower levels.
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