Bitcoin bullish breakout may be on the horizon as stablecoin influx and rising whale activity suggest potential price surges.
Bitcoin’s recovery from $57.7K and the formation of the Bull flag in the daily chart make it clear that the asset is moving away from consolidation. The prices are becoming more stable, yet Bitcoin is still 8% negative from last week’s highs.
At least in the short term, the asset needs to break the resistance of $63K which will give buyers a new hope for a trade. Once this trend is set, the asset will spike for the $70K mark, and the trend will continue formation for its grow.
A crypto analyst, Woominkyu posted on X, stating that the Bitcoin whale ratio is very high and predicts a major price surge after the Halving event.
The metric, used by chartists as an indicator of the proportion of large whale transactions in comparison with other transactions, gives information about how active whales generally institutions and very large wallets are at certain price levels.
The higher movement of Whale activity indicates that the big investors are taking advantage of the market dips and increasing their holdings by accumulating the asset. The analyst predicted previously that the prices will tend to spike whenever the asset is weak after the halving event.
After the Halving event, Bitcoin cut the profit of miners which caused a significant drop in the asset‘s price, but the institutional investor’s interference and the launch of Spot Bitcoin ETF spiked the price of the asset.
Bitcoin bullish breakout: Stablecoin surge and whale activity eyeing $72,000
When reviewed in a larger context, from the daily chart, it is proved that the sellers are in control. From late July to early August, there has not been a complete recovery of losses.
A break above $63,000 would be appreciated, but to move past $70,000 and 72,000, the price must firmly close above the heights set in July.
However, a few positive indicators may increase demand. By keeping in mind the citing data, experts say that there has been a rise in stablecoins being transmitted to significant exchanges like Binance Coinbase, citing trading data.
