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Bitcoin has broken above the $66,000 price, confirming rising bullish sentiment. Recent reports reveal that Bitcoin whales have accumulated over 3,400 coins amid the improving market sentiment. This increase in whale activity confirms massive investor interest in Bitcoin, signalling a potential rally ahead.
According to data from HODL15Capital, a whale address has purchased 255 Bitcoins at approximately $65,116 per coin. Following the latest purchase, the whale boasts total holdings of nearly 23.09 thousand Bitcoin, worth roughly $986 million.
Whale Interest, Spot ETFs, and Other Factors Boost Bitcoin Price
Whale Alert spotted two significant whale transactions. The first involved the transfer of 2,400 BTC to Coinbase. Another whale transferred 770 Bitcoin tokens from the Gemini crypto exchange.
These accumulations could significantly affect Bitcoin’s price. Whale Movements signal rising investor interest, often triggering a price surge for crypto assets.
Meanwhile, the recent positive trend in spot ETFs also aids Bitcoin’s price. According to reports, the US spot Bitcoin ETFs recorded $257 million in net inflows as of May 16, following notable outflows last week.
Grayscale recorded $4.63 million as a single-day inflow on May 16. Also, BlackRock’s ETF IBIT attracted $93.70 million as inflows.
Further, Fidelity’s ETF, FBTC, recorded a net inflow of $67.08 million within the same timeframe. Based on these statistics, there is fierce competition between the top Bitcoin ETF providers.
Data reveals that the BTC ETFs have attracted investors to purchase 11,188 BTC tokens. This is almost five times the amount of Bitcoin mined within the same timeframe.
Also, Bitwise CIO Matt Hougan noted that many professional firms own Bitcoin ETFs. According to the CIO, 563 professional investment firms reported owning $3.5 billion worth of Bitcoin ETFs as of May 9.
According to Coinglass data, the gap between Grayscale and BlackRock is decreasing to 12,710 BTC. Spot BTC ETFs boasted $55.42 billion in AUM as of May 17, which confirms the rising interest in Bitcoin. These investments boost Bitcoin demand and could drive its price to $70,000 again.
Will Bitcoin Rally to $70,000 Soon?
Bitcoin is trading in an uptrend on the daily chart, forming a green candle after yesterday’s brief retracement. Notably, the $65,147 support level has acted as a price pivot as BTC attempts to rally above the $66,507 resistance level.
A break above this level will send BTC closer to the $70,000 price level as the buyers continue to sustain its rally. The upper wick of its candle is touching the upper band of the Donchian Channel (DC), a strong bullish signal indicating further price increases.
Also, the RSI indicator is rising from the neutral zone with a value of 56.64. If this indicator gets to 60, then Bitcoin will likely enter the overbought region in the coming days. So, if the market conditions remain favourable, expect Bitcoin to reclaim the $70,000 price level soon.
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