Bitcoin's Bull Run: $70K in Sight as Whales Surge and Momentum Gains

BTCUSD is consolidating after a massive jump of nearly $10000 in the past week. It hit a high of  $68388 and is currently trading at around $67677.

Recent Bitcoin whale activity has surged, with about 11,697 transactions over $100,000 reported, the highest in over ten weeks. This increase is driven by strong institutional interest, particularly through spot ETFs, leading to purchases of 177,000 BTC last week and pushing Bitcoin's price above $67,000. Additionally, new whale wallets now hold about 9.3% of all Bitcoin, valued at around $132 billion, marking an 813% increase this year. Overall, this indicates growing confidence among large investors in Bitcoin's future.

US markets -

 NASDAQ (No correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ trades higher after an upbeat outlook from TSMC.This pushed chip stocks NVIDIA higher. Any close above 20500 will take the index to 21000.

 Technicals-

BTCUSD trades above the short-term moving average of 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $63000.  Any break below will take it to the next level at $60000/ $57000/$55000/$52500/$50000/$46000.

 Bull case-

Primary supply zone -$70000.  Any break above confirms an intraday bullishness. A jump to $73500/$75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000/$85000.

Indicator (4-hour chart)

CCI (50)- Bullish

Average directional movement Index - Bullish

 It is good to buy on dips around $65000 with SL around $63000 for TP of $70000.