An expert observed a rare golden cross pattern on the 1-week chart.
Bitcoin accumulation addresses increased to a new all-time high, with over 320,000 BTC in net acquisition. It indicates that more investors were purchasing and storing the largest cryptocurrency as a long-term investment asset.
At the time of writing, Bitcoin’s price was trading at $115,015, trading near the flatline over the last 24 hours.
According to on-chain data by CryptoQuant, Bitcoin accumulation addresses crossed 320,000, setting a new historic record.
Accumulator addresses serve as an on-chain metric for monitoring the number of addresses that are constantly increasing their crypto holdings with little to no spending or selling.
A bullish thesis is derived from the fact that increasing accumulation leads to a supply squeeze across exchanges, which creates a potential price floor that often precedes a massive rally.
According to insights from expert analyst Ali Martinez, Bitcoin’s price is currently undergoing a corrective phase around $115,000, having encountered strong resistance at the $122,000 level.
Based on this price action and the increasing accumulation addresses, there’s a possibility that buyers are filling their bags before the action begins.
Merlijn the Trader, an expert analyst, observed a rare golden cross pattern on the 1-week chart. The last time this happened was in 2020, and it led to a 1190% rally in Bitcoin’s price.
According to the analyst, the 2025 golden cross is the fourth in Bitcoin’s history, further reinforcing his sentiment that BTC was indeed headed towards euphoria.
JDK Analysis, another top technical analyst, shared on X that Bitcoin was targeting a cycle top at $210,000, and this would occur around September and November.
Bitcoin’s recent correction and the overall meltdown of cryptocurrency markets have raised concerns about a mild danger, whereby investors may begin taking profits.
According to a report by Bitfinex, investors tend to take profits whenever Bitcoin starts to trend downwards or consolidate after reaching new all-time highs. This action, the report says, is driven by the fear that the digital asset has attained its local top.
However, the analysis went on to attribute the fizzling price action to the absence of macroeconomic catalysts that could have otherwise sustained the upward momentum.
Meanwhile, analyst “thescalpingpro” shared on X that two possible scenarios could shape the price of Bitcoin from the current price action.
The first condition he noted if the price breaks the upper resistance, which lies at $122,000 and rallies to new highs. The escond scenario, he said, could be a pullback below the lower channels at around $110,000 before making a comeback.
Expert Broke Doome recently shared an interesting observation on X about a BTC whale. He said that the whale has a DCA to automatically purchase Bitcoin worth $600 every second.
Per day, the whale spends approximately $52 million to acquire 450 BTC.
Meanwhile, despite this week’s price correction, Bitcoin’s technical and on-chain metrics still possess several positive indicators showing the rally will continue.
In fact, the two-week streak of ETF outflows ended yesterday after Bitcoin spot ETFs recorded 3,400 BTC inflows over the last seven days.
This is key to gauging institutional demand and where the smart money is going. In the meantime, the investors should keep a close track of the $116,000 and $122,000 price levels.
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