Bitcoin Eyes $64,000 as Investors Buy $2 Billion Worth of BTC

Bitcoin Supply on Exchanges. Source: Glassnode

The recent surge in buying activity highlights the belief that Bitcoin is on the cusp of breaking through key resistance levels. As accumulation continues, the market may soon see a renewed push toward the $64,000 mark. This will most likely be driven by growing investor demand and positive sentiment.

In terms of macro momentum, the “age consumed” metric plays a significant role in assessing long-term holders’ actions. This metric measures how the movement or sale of older BTC impacts the market.

For months, spikes in this indicator suggested selling, creating downward pressure on Bitcoin’s price. However, since the beginning of the month, long-term holders have largely remained dormant.

This dormancy signals confidence in Bitcoin’s future rally as long-term holders anticipate higher profits ahead. Their lack of selling indicates they believe the cryptocurrency is poised for a substantial move upward. This would reinforce the broader market’s bullish outlook.

Bitcoin Age Consumed. Source: Santiment

BTC Price Prediction: Barriers Ahead

Bitcoin is currently trading just below the $60,000 mark and is on the verge of breaking out of the ascending triangle pattern. If Bitcoin successfully flips $64,169 into support, the pattern suggests a potential 35% rise, propelling BTC to $81,556. This breakout, however, will require strong bullish momentum.

If the optimism among BTC holders translates into upward price movement, Bitcoin could breach the $61,846 resistance. Surpassing this level makes a push to $64,169 more likely. This would set the stage for further gains as Bitcoin rallies toward $81,556.