Bitcoin price has continued its bullish momentum in the latter half of April, solidifying its place among the market leaders. Bitcoin even showed a positive influence for the entire month on April 7, 2023, climbing more than 15% in value over the last 30 days. Though it did recently fall back down to just below $93,498, Bitcoin has been hovering just below the $95,000 barrier for some time.
Sustained Weekly Gains and ETF Inflows
During the last week’s bullish run, Bitcoin climbed to and has since held values above $95,000. This performance jump is particularly impressive with a dramatic 14% boost in just the past 30 days. It was propelled by a wave in inflows into Exchange Traded Funds (ETFs). BlackRock’s spot Bitcoin ETF, specifically, has been leading the pack with daily inflow streaks, reflecting the continuing institutional demand. Recent large-scale purchases into U.S.-based spot Bitcoin ETFs have been a major factor in giving Bitcoin’s market value fundamental support, further boosting investor confidence.
The current accumulation trend score, almost at 1, shows increasing investor confidence in Bitcoin’s future. The weekly chart analysis confirms the bullish sentiment with a solid 8% increase, further confirming the bullish sentiment surrounding Bitcoin.
On-Chain Activity and Whale Accumulation
User engagement on the Bitcoin network is off the charts! The number of daily active addresses has just recently crossed the 800,000 mark, highlighting this remarkable growth. This sudden flurry of activity is a huge signal that there’s increasing demand for the cryptocurrency. The activity of whales on the Bitcoin network has increased. Since January of this year, 99 new such entities have appeared, now with well over 1,000 BTC. Right now, less than 1,750 addresses are large enough to contain more than 1,000 BTC. This increase indicates that institutional buyers are confidently loading up on Bitcoin.
Technical Analysis and Price Targets
From a technical perspective, Bitcoin’s price level at $95,000 is an important technical pivot point. The enthusiasm at this new mark is no flash in the pan. The $96,000 level acts as an important line of resistance. If buyer pressure does provide a strong enough breakout above this key threshold, bullish continuation may see Bitcoin target as high as $106,000.
If these trends continue, Bitcoin’s price might soon surge closer to the $106,000 mark in the next several weeks.
