Bitcoin Long-Term Holders Accumulate 330,000 BTC..."Now It's Going to $90,000"

▲ Bitcoin (BTC)

As Bitcoin (BTC) touched the $81,000 mark, buying pressure from long-term holders and institutional investors converged, increasing expectations for further upside.

Cointelegraph reported on May 5 (local time) that Bitcoin rose to $81,300 during intraday trading, with a weekly increase of 5% and a 30-day increase of 21%. This rise coincided with accumulation by long-term holders. According to CryptoQuant data, long-term holders net-increased their holdings by 331,000 BTC over the past 30 days. This amounts to approximately 1.6% of the total supply, interpreted as an intensification of accumulation by long-term investors during the price recovery phase.

Institutional capital inflow is also supporting the upward trend. US spot Bitcoin ETFs recorded net inflows for three consecutive trading days recently, with total inflows reaching $1.18 billion. Cointelegraph reported that $532 million flowed into spot Bitcoin ETFs on May 4 alone. This is interpreted as a sign that institutional investors' demand for Bitcoin is strengthening again.

In the market, the $84,000 area is being identified as the next key resistance level. While liquidity around $80,000 is being absorbed on Bitcoin's liquidation heatmap, multiple buy orders remain between the spot price and $84,600. Analyst AlphaBTC commented that Bitcoin is moving in search of liquidity and that the area up to $84,000 looks attractive.

In terms of technical analysis, Bitcoin confirmed a bullish structure by breaking above the top of a bull flag at $77,500 on the daily chart. If the daily closing price forms above $82,000, where the 200-day exponential moving average is located, the continuation of the uptrend could be confirmed, with analysis suggesting potential for a rise to the bull flag target price of $94,800. This implies approximately 18% further upside from the current level.

Bullish signals were also detected on the weekly chart. Cryptocurrency investor Cryptocupra suggested the possibility that Bitcoin's macro bottom has formed after a golden cross on the weekly Moving Average Convergence Divergence (MACD) index. Cointelegraph also conveyed the outlook that if the $84,000 resistance level is broken, Bitcoin could rise to $92,000.

Ultimately, Bitcoin's next direction depends on whether it breaks past $82,000 and $84,000. With large-scale accumulation by long-term holders, spot ETF capital inflows, and a bull flag breakout occurring simultaneously, the market is focusing on the possibility of re-entering the $90,000 range.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*