BTC/USD has crossed the $35,000 level and could hit $40,000 if it achieves a daily close above a critical support level
Bitcoin (BTC) price has shot above $35,000, climbing more than 10% up in the past 24 hours to touch highs of $35,879. If Bitcoin maintains the uptrend that has seen it breach overhead resistance at $34,800, the next target could well be the $40,000 level. Bulls appear locked on the price level as several technical and fundamental indicators support the bullish outlook.
On-chain data shared by analytics platform Santiment shows that whale accumulation of BTC has reached a new all-time high (ATH). According to the firm, whale addresses that hold 1,000+ BTC hit 2,323 on Tuesday.
â€œBitcoinâ€™s number of whale addresses with at least 1,000 $BTC has reached an all-time high of 2,323 with Tuesdayâ€™s market close 45 minutes ago. There may not be a more notable bullish metric than one pointing to growing holders with $33.7M+ on the lineâ€œ, Santiment explained.
Bitcoin chart showing the number of whale addresses with 1,000 or more BTC. Source: Santiment
Whale accumulation in an uptrend is a sign of belief in BTC price going up, which is likely to maintain the bellwether cryptocurrencyâ€™s impressive trend.
At the time Santiment noted the positive signals from increased whale addresses, Bitcoin was trading around $33,793. But after sailing through the $34,000 and $34,500 resistance lines, BTC/USD quickly rose to a new ATH of $35,879.
Prices have since dropped slightly to $35,000, and although sharp upsides are normally intersected with sharp declines, bulls appear to have the edge.
The 4-hour chart suggests Bitcoin is on an uptrend going into the European and US trading sessions on Wednesday. The BTC/USD pair is above the 50, 100 and 200 simple moving averages to suggest bulls have a strong base.
The RSI is increasing and is yet to cross into overbought territory while the MACD has printed a bullish crossover and is strengthening.
BTC/USD 4-hour chart. Source: TradingView
If bulls reach the next barrier at $37,011, a pivot to the psychological $40k mark would then open up the path to $48,000.
On the contrary, Bitcoinâ€™s bullish outlook will flip negative if bulls fail to close above $34,000. Increased sell-off pressure could then force some more rinsing and bring the $32,000 support zone into play.
If prices fall below the above level, the next buffer zone is at $30,449 (50 SMA on the 4-hour chart). Itâ€™s likely a dip here would encourage bears to revisit the recent lows of $27,730 and the 100-SMA ($27,500).