Thus, BTC has activated the bullish pennant pattern in the last update, the Uptrend of BTC is likely to continue in the near future. So now what will the selling action of whales look like, to what price level will BTC still rise?

On-chain data

According to data from Glassnode, currently most of the wallet address groups are in a neutral state, not buying or selling, only the wallet group holding 100 - 1,000 BTC is selling strongly, the wallet group > 10,000 BTC is selling. gradually but the volume is not strong.

Bitcoin Index Accumulaiton Score by Cohort. Source: Glasnode


In addition, market euphoria is on the way, as short-term short term holders (STH) realized profits have surged to 59. In the past, when the index rose above this level it showed The market is in a state of excitement. May push the price to continue rising because the market is FOMO.

Bitcoin Short Term Holder Realized Profit Indicator. Source: Glassnode.

Technical analysis

On the Daily frame, BTC broke the trend channel thereby triggering a bullish pennant pattern, when BTC breaks through the resistance of $32,000, the $37,500 area is the next target to conquer.

Bitcoin price daily frame. Source: Tradingwiew


Another chart that is also supporting the BTC price will continue to rise in the coming months, that is the Gold and BTC pair on the Month frame.


Gold/BTC pair price chart. Source: TradingView.


On the Monthly frame, using the bollingger band indicator , we can see that when a safe asset like Gold drops in price, the money will flow into high-risk assets like BTC.

Dollar Strength Index. Source: TradingView.


Currently, the FED has announced to stop raising interest rates, if the next time the FED does not raise interest rates anymore but increases interest rate reductions, then people will not choose safe investment channels like Gold or Dollars anymore. choose slightly riskier channels, like stocks or crypto, then the price will go up.

BTC peak cycle when Bollinger Band goes below 20. Source: TradingView.


According to this chart, when the price falls below the Bollinger band Ma20, BTC will make a new high in the following cycle. Currently, there are 4 more days to close the monthly session.

Summary

In short, the market is quite excited when BTC continuously rises above 30k psychological resistance. In addition, the selling force of BTC in the market seems to be quite weak, so the short-term Uptrend is likely to continue. There is still a chance the price hits $35,000 on the Weekly frame. At this stage, we should only focus on BTC as the main, limiting altcoin trading.

Check out the detailed analysis in the video below. Note: Any information MarginATM provides is a personal opinion, not financial advice.