Bitcoin

Flash

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" target="_blank" rel="noopener nofollow">BTC</a>) sought higher levels at the week’s last Wall Street open as bulls refused to succumb to market nerves.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/07f1b935-cd9a-47c3-92e8-bfb2aee2919d.png">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="btc-price-sets-up-resistance-retest">BTC price sets up resistance retest</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> followed resurgent BTC price action as it passed $71,000.
<a href="https://cointelegraph.com/news/btc-price-2-week-highs-volatility-bitcoin-sell-orders">Flash volatility</a> characterized the day prior as an <a href="https://cointelegraph.com/news/sec-can-proceed-coinbase-lawsuit-court-ruling">ongoing legal battle</a> between United States exchange Coinbase and regulator the Securities and Exchange Commission (SEC) sent Bitcoin below key $69,000 support.
The weakness did not last long, however, as buyers stepped in to fuel an ongoing attempt to snatch liquidity near all-time highs.
On the day, popular trader Skew warned that fakeout price behavior could result from manipulative liquidity moves. Among these was fresh bid support between $70,200 and $70,600, all of which was subsequently removed from the Binance order book.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/af4b6750-4c2f-4618-8bcc-efd9c9e6b2b2.png">
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 Source: Skew
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With all-time highs still acting as a clear price ceiling, fellow trader Daan Crypto Trades considered where price discovery could take Bitcoin should sellers be beaten out.
“Break all time high and low $80Ks should follow shortly afterwards I think,” he <a href="https://twitter.com/DaanCrypto/status/1773311825049698373/photo/1" target="_blank" rel="noopener nofollow">summarized</a> to followers on X (formerly Twitter).
An accompanying chart showed near-term trendline support in the form of the 200-period simple and exponential moving averages (MAs) on 4-hour timeframes.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/5cbf2878-e4c8-4ff3-aaf9-505bda4f43d1.jpeg">
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 BTC/USD chart. Source: Daan Crypto Trades/X
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<h2 id="bitcoin-whales-sell-to-tradfi">Bitcoin whales sell to "TradFi"</h2>
Analyzing on-chain BTC flows, meanwhile, Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, highlighted a shift in ownership among the biggest Bitcoin hodlers.
Related: <a href="https://cointelegraph.com/news/bitcoin-sell-side-liquidity-crisis-btc-move-2010">Bitcoin ‘sell-side liquidity crisis’ sees BTC move for the first time since 2010</a>
Under current conditions, he revealed, long-term investors with significant exposure — Bitcoin whales — were offloading coins, while new whale entities were steadily buying up the supply.
These were institutions, Ki suggested, with the U.S. spot Bitcoin exchange-traded funds (ETFs) removing <a href="https://cointelegraph.com/news/ark-invest-21shares-bitcoin-etf-record-inflow-btc-price">hundreds of billions of dollars’ worth of BTC</a> from the market every day.
“Old whales are selling Bitcoin to new whales(TradFi), not retail investors,” he <a href="https://twitter.com/ki_young_ju/status/1773238889525702991/photo/1" target="_blank" rel="noopener nofollow">concluded</a>. 
<blockquote>
 “This can be clearly observed on-chain.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/319b3102-f1b8-4a99-8ef1-5b7580372cb7.jpeg">
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 Bitcoin supply transfer chart. Source: Ki Young Ju/X
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A chart showed the consequences of major on-chain ownership shifts — a run-up to all-time highs, as witnessed in both the 2017 and 2021 bull markets. 
As <a href="https://cointelegraph.com/news/gbtc-outflows-incredible-demand-5-things-bitcoin-this-week">Cointelegraph reported</a>, mainstream interest in Bitcoin has trended down in recent weeks despite new all-time highs.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin whales copy classic bull market moves as BTC price eyes $72K

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