Bitcoin Bullish Signals?

After the latest news, BTC price turned its direction up. However, as the weekend approached, investors’ hopes rose with the upward trend in trading volumes. Santiment’s key Bitcoin benchmark has come to the fore with the surge in activity, providing an illuminating perspective on the cryptocurrency’s recovery journey. Despite the price drop, the whale transaction metric, which covers transactions exceeding $1 million, saw a significant increase on June 11. The chart vividly shows the rise of nearly 1,000 whale transactions, marking the highest figure in more than two months.

The recovery in whale trading wasn’t the only bullish signal. BTC trading volume has shown a more gradual but noticeable increase. Analyzing the trading volume metric, a slight upward trend was observed. This increase in trading volume showed that major stakeholders are actively holding as market polarization intensifies. On the other hand, we see that some whales have started to open long positions of several million dollars at current levels.

BTC supply on exchanges has also reached a significant bottom. At the time of writing, the percentage of Bitcoin held on exchanges is about 6.4%. This is an incredibly low level that has not been witnessed in over five years. This is the third major bullish signal.

On the daily chart, BTC is showing a recovery trend. The first major resistance is at $27,190 and if the current positive trend continues, traders could see the resistance level tested. Tomorrow the US markets will be closed for a holiday and time is tight for a rise. Because the statements of many Fed officials, including Powell, in the following days may dispel this positive sentiment.