Bitcoin Price Eyes $83K All-Time High After Whale Influx

As the digital asset industry marks one month since the fourth Bitcoin (BTC) halving, the total cryptocurrency market cap stayed above $2.5 trillion on Monday. This was driven by a 10 percent increase in BTC price last week. Bitcoin’s dominance continued to rise, overshadowing the altcoin market, as shown by the declining ETH/BTC pair trend on a weekly timescale.

What’s driving this rise? Will Bitcoin reach new heights? Dive deeper to find out!

Bitcoin Whales on the Hunt

According to the latest market data, Bitcoin traded slightly above $67,100 on Monday during the early Asian session. A sustained bullish sentiment could push Bitcoin to retest its recent all-time high (ATH) of over $73,000.

Market intelligence platform Santiment reported a decline of over 182,000 small Bitcoin holders in the past week. However, Bitcoin whales have accelerated their accumulation, anticipating a rebound.

Spot Bitcoin ETFs accumulated over 14,000 Bitcoins last week, while Bitcoin miners created around 524 coins. On-chain data revealed a whale investor purchased over 16,445 Bitcoins, worth more than $1.1 billion, in the past 24 hours. Another crypto whale bought nearly 1,600 Bitcoins, valued at over $106 million, in the same period.

What Are the Technicals Telling Us?

Bitcoin’s price has rebounded from a two-month correction and now aims to retest its ATH in the coming weeks. The flagship coin has consistently closed above the 50-day Moving Average (MA) for the past six days, indicating bullish control.

The weekly Relative Strength Index (RSI) is attempting to rise above the 70 level. If the bulls push Bitcoin above $68,000, the next major target is around $83,000, aligning with the 2.618 daily Fibonacci Extension.

Stay tuned as Bitcoin continues its impressive run, potentially setting new records in the cryptocurrency market.