Market Overview: Bitcoin’s price has experienced an impressive surge of nearly 13%, reaching $35,157 before a slight pullback. Currently, Bitcoin stands strong at $34,068, marking an 11.55% increase in the past day.
If the day ends positively, it will be Bitcoin’s sixth consecutive day of gains, resulting in a weekly increase of 20%.
On-Chain Analysis Insights: Renowned on-chain analytics firm, IntoTheBlock, highlights Bitcoin’s effortless breach of the $30,000 mark. Current on-chain data reveals that 80% of Bitcoin holders are now in profit, reflecting the sentiment of the 2021 bull market peak.
Furthermore, there is a notable 27% increase in 30-day Bitcoin holdings by short-term investors, which is a typical trend in bullish scenarios.
IntoTheBlock’s analysis suggests minimal on-chain resistance as Bitcoin approaches the $40,000 mark, with the $30,000 threshold likely offering strong support during potential pullbacks.
Technical Analysis: Crypto expert, Ali, identifies Bitcoin’s formidable support zone between $25,000 and $30,000. Based on the UTXO Realized Price Distribution (URPD) model, if Bitcoin successfully surpasses the $38,440 resistance, it could potentially reach $47,000.
Catalysts for the Surge: The Bitcoin community is excited about BlackRock’s iShares spot Bitcoin ETF IBTC being listed with the Depository Trust and Clearing Corporation (DTCC), potentially hinting at approval from the SEC. This is seen as a standard procedure in the crypto ETF launch process, according to Bloomberg ETF specialist, Eric Balchunas.
In addition, bearish bets against Bitcoin have resulted in significant losses for traders, surpassing $178 million in just a day, as Bitcoin surpassed crucial resistance levels. This substantial rise, driven by low trading volumes and increased demand, added billions to the market cap in a short period. Furthermore, Bitcoin’s daily chart shows a bullish pennant resolution.