Bitcoin nearly hit $69,000 yesterday, setting a fresh local high and further cementing the ongoing uptrend that began in September. This price action has sparked optimism among analysts and investors, who now expect significant gains in the coming weeks.

Investors believe Bitcoin is poised for a robust rally after seven months of sideways accumulation.

Critical data from Santiment reveals that the number of Bitcoin whales – gigantic holders of BTC – increased significantly as the price bottomed out around $59,000 on October 10.

This enhance in whale activity is often seen as a sign of “smart money” positioning for a major move. Large investors hoarding BTC during the lows suggest they are preparing for something huge in the coming weeks.

As excitement builds, market participants are keeping a watchful eye out for further signs that Bitcoin may be heading towards fresh all-time highs. With momentum, Bitcoin appears poised to lead the market into the next phase of this cycle.

Bitcoin Whale activity supports a bullish outlook

Bitcoin is trading near the historically reactive price level of $70,000. A critical zone that has consistently acted as resistance, causing the price to decline fivefold in the last seven months. Each time Bitcoin approached this level, it triggered selloffs or corrections, leading to caution among traders and investors.

However, the latest data from Santiment shows that this resistance may be weakening due to increasing whale activity. Between October 10 and 13, there was a net enhance of +268 wallets holding 100 to 1,000 BTC, signaling that gigantic players are accumulating Bitcoin as prices rise.

Analysts often view the rise in whale portfolio values ​​as a robust bullish indicator, suggesting that influential investors are bracing for potential gains in the coming months.

The timing of this accumulation is crucial because it coincides with Bitcoin’s upward momentum, signaling that these gigantic players expect further gains. As more and more gigantic holders enter the market, the window to buy Bitcoin at a favorable price narrows.

This accumulation suggests that the whales are betting on a sustained bull run, potentially weakening the $70,000 resistance level and allowing Bitcoin to push higher.

With Bitcoin trading near this critical price zone, the next few weeks could be decisive, either breaking through $70,000 or waiting for another correction.

BTC tests supply levels

Bitcoin is trading at $68,383 after several days of solid highs, steadily moving towards fresh supply levels. The price recently stopped at $68,998 and now appears poised to challenge fresh all-time highs.

This growth has sparked a wave of optimism, but analysts warn that a fit rebound may be on the horizon.

The key level to watch is the 200-day moving average (MA), currently at $63,322. If Bitcoin returns to this support zone, it could signal strength to push higher again, as this level has historically acted as robust support during uptrends. Maintaining above the 200-day MA is crucial to maintaining bullish momentum.

If Bitcoin fails to break above the $70,000 resistance in the coming week, a return to lower demand is expected. This pullback would allow the market to regain liquidity and prepare for potential fresh growth.

Investors are closely watching how price action over the next few days will determine Bitcoin’s long-term prospects.

Featured image from Dall-E, chart from TradingView