The price of BTC started trading on March 25 above the $67,500 mark, following an 8% weekend recovery from the $840 million sell-off of Bitcoin ETFs last week. The battle between bulls and bears led to bearish trends as ETFs added selling pressure. On-chain data indicates that BTC is expected to experience more volatility in the upcoming week.
Bitcoin’s price surged to $67,600 on March 25 due to rapid purchases by US whale investors over the weekend. Despite BTC outflows exceeding $800 million, strategic whale investors took advantage of the price drop to acquire more BTC, leading to an 8.3% price increase. The Coinbase Premium Index chart by CryptoQuant shows differences in BTC prices between Coinbase Pro and Binance, with positive values indicating peak buying activity among US-based whale investors.
As BTC price rose 8% over the weekend, other market indicators suggest that more volatility is expected in the coming week. With the 4th Bitcoin halving event approaching on April 20, strategic investors are preparing for potential price impacts. An unusual trend emerged over the weekend, indicating that long-term investors may be planning a major sell-off. The movement of long-held coins ahead of the halving event signals a potential sell-off, which could lead to market volatility.
Based on the surge in dormant BTC supply in circulation, Bitcoin’s price may face significant sell pressure in the upcoming week, potentially preventing new all-time highs above $75,000. While bulls currently have control following an 8% rebound over the weekend, the placement of leveraged short positions in derivatives markets suggests that breaking above $70,000 may be challenging. High-leverage short positions around $68,400 could lead to intense downward pressure on BTC price in the days ahead. However, if BTC breaks above $70,000, the road to $75,000 may have minimal resistance.