Bitcoin Approaches Key Support Zone Amid Bull Run Signals

Why This Support Matters

I see Bitcoin sitting near the $56k to $60k zone. You need to watch this spot because it worked as a strong floor in the past. History shows big gains started here in 2017 and 2020. My data suggest that even the 2022 mess could not break this line. If this floor hold, I expect a new rally to start very soon.

Recent Price Action

Bitcoin went past $71,000 just yesterday. Markets felt scared because of war news, but the price stayed up anyway. I use the TD Sequential tool and it says to buy right now. You can see the down trend is ending based on these signals.

Whale Accumulation

I found 753 big wallets with over 100 coins recently. Rich people bought more even when the price fell 20 percent. You should follow what the big whales does with their money. Their buying habits means more high prices are coming later this year.

Market Structure & Sentiment

I saw the price break past the $82,000 supply mark. Many people is still scared of a crash though. Only sixty percent of people has a profit right now, which is a low number. Short term holders sells $18.4 million every hour to get out of the market.

Derivatives & Futures

I think short sellers are closing their bets to move the price up. CME futures numbers is very low today compared to last month. You might notice that people are buying more call options lately. This means traders feels better about the future than they did last week.

Outlook

Glassnode says the price hits $82,000 if it stays above $70,000. You need to look for more money going into the spot ETFs. My math show that we need more leverage for a real moon shot. I think the demand for spot coins looks much better today than it did yesterday.

Bottom Line

I see many green flags like whale buying and good technical support. You should stay careful because the momentum is still a bit slow. These next weeks tells us if we go to the moon or stay flat. I believe you should watch the $70,000 level for the next big clue.