Bitcoin climbed as much as 2% over the past 24 hours, reaching an intraday high of $81,300 on Tuesday. The move lifts its weekly and 30-day gains to roughly 5% and 21%, respectively.
The rally has been supported by accumulation from long-term holders, who have added more than 330,000 BTC over the past month, according to data from CryptoQuant.
Key takeaways:
- Long-term holders of Bitcoin have accumulated around 331,000 BTC over the past 30 days, signaling strong conviction among seasoned investors.
- At the same time, spot Bitcoin ETFs have recorded $1.18 billion in net inflows over the last three days, reinforcing bullish momentum.
- From a technical perspective, Bitcoin’s bull flag pattern suggests a potential upside target near $94,800 if the breakout continues.
Long-term holders of Bitcoin have added roughly $26.7 billion worth of BTC as prices climbed above $81,000.
These holders—typically defined as entities that have kept their coins for at least six months without selling—have been increasing their exposure during the recent rally. Data from CryptoQuant shows that, on a rolling 30-day basis, LTH supply rose by a net 331,000 BTC.
This accumulation represents about 1.6% of Bitcoin’s total supply, signaling growing confidence among long-term investors as the market recovers.
Bitcoin’s bullish momentum is also being supported by strong inflows into US-based spot Bitcoin exchange-traded funds (ETFs), which have posted three straight days of positive flows totaling $1.18 billion.
On Monday alone, these funds recorded $532 million in net inflows, pointing to growing institutional demand for Bitcoin.
“ETF inflows have returned, and the market is beginning to trend upward for Bitcoin,” said Michael van de Poppe in a post on X on Tuesday, adding:
“I assume we’ll continue to see more strength coming in over the course of the next few weeks as there’s a lot of ETF demand happening.”
As previously reported, institutions are now absorbing more than five times the daily mined supply of Bitcoin, underscoring strong demand from large players.
How high can Bitcoin price go?
Liquidation heatmap data shows Bitcoin clearing liquidity around the $80,000 level, with significant bid orders still stacked between the current price and $84,600.
“Bitcoin is on a liquidity hunt,” said analyst AlphaBTC in a recent post on X, adding:
“Up to $84K is looking Juicy!”
The $84,000 level is drawing attention from traders as it aligns with a CME gap formed in early February. From a technical standpoint, Bitcoin has confirmed a bull flag on the daily chart after breaking above the pattern’s upper boundary near $77,500.
A daily close above the 200-day exponential moving average around $82,000 would strengthen the case for continued upside, opening the door for a move toward the flag’s projected target of $94,800. Such a rally would represent an additional gain of roughly 18%.
Crypto investor Cryptocupra shared a chart indicating that Bitcoin may have already formed its macro bottom, pointing to a bullish crossover on the weekly MACD as a signal for further upside potential.
As reported, the BTC/USD could climb toward $92,000 if Bitcoin successfully breaks above the $84,000 resistance level.
