Bitcoin Price News: Path to $78K Cleared as BTC Whales Buy $2.1Bn in March

Bitcoin (BTC) has gone up by nearly 4% in the past 7 days and has managed to stay above the $70,000 threshold despite persistent geopolitical turmoil.

Oil prices opened the week above $100 but retreated below that mark later in the session as the United States decided to block the Strait of Hormuz to force Iran to the negotiation table.

Trading volumes rose by 44% in the past 24 hours to $41 billion, accounting for 2.8% of the token’s circulating market cap. Buying pressure seems to have increased after the token retested the $70,500 mark.

Last week, Bitcoin-linked exchange-traded funds (ETFs) attracted a total of $833 million in net inflows from investors.

Whales Add 30,000 Bitcoin to Their Stash in March

Analyst James Butterfill from CoinShares indicated that this behavior “reflects a rebound in risk appetite following tentative ceasefire developments in Iran, alongside support from softer-than-expected US spending and CPI data.”

Meanwhile, these ETF inflows are consistent with on-chain data related to whale activity, as top wallets holding between 1 and 10,000 tokens have added 30,000 BTC tokens in March.

This is approximately $2.1 billion in investments, and it is a strong indication of increased buying interest. Data from Santiment shows that wallets holding between 1,000 and 10,000 added the most, with 20,000 BTC bought just yesterday.

The daily chart shows that the latest spike in Bitcoin’s price could be a part of a normal reversion to the mean move.

We have identified the $80,000 as the key level to watch in this time frame, as this is where the 200-day exponential moving average (EMA) should lie over the next few days.

Meanwhile, the Relative Strength Index (RSI) is nearing 60, indicating that bullish momentum is accelerating rapidly.

Everything Looks Set for Another “Buy” in the 4-Hour Time Frame

Heading to the chart, the 4-hour price action shows that BTC consolidated its jump above a key trend line support we identified days ago.

Our baseline bullish trade for Bitcoin is currently yielding positive results. In our last Bitcoin price prediction, we shared an attractive opportunity at $70,000, offering a 2.9x risk-reward ratio.

During the weekend, the price hit a sell wall at $73,500 and ultimately retreated to the $70,700 support area. It seems that buyers showed up during the American session as the price immediately rose right after touching this key support.

Our signals system spots specific candle patterns featuring above-average trading volumes. Prior ot this sell signal on Saturday, we got two “buys” that confirmed strong institutional participation in the move.

This last 4-hour candle meets the criteria for another “buy”. If we get another bullish signal, that would further confirm a bullish outlook for the token.

Moreover, the 4-hour RSI jumped above the 14-period moving average in the 4-hour chart. At 62, this is a clear indication that bullish momentum is accelerating.

As a result, we now see a clear path to the daily resistance of $78,000, meaning a 7% upside potential in the near term.