Key Insights
- •Bitcoin forms a broadening wedge pattern, suggesting a potential breakout toward the $145,000 level.
- •ETF buyers' average entry is $86,680, with Bitcoin currently trading 9% above that level.
- •Bitcoin withdrew 118,000 from exchanges in 30 days, signaling reduced short-term sell pressure.
Bitcoin is showing a possible bullish setup as analysts point to a broadening wedge pattern forming on the charts. Traders are watching key support and resistance levels closely, as the current structure could lead to a breakout toward the $145,000 level.
Price Pattern Suggests Potential Upside
Technical analyst Bitcoinsensus noted that Bitcoin is forming a broadening wedge pattern. The analyst stated, "BTC is forming a nice broadening wedge here. The Bitcoin broadening wedge pattern could lead to a breakout toward the $145,000 level."
This chart pattern is characterized by wider price swings as it moves forward, often leading to sharp breakouts. Traders are keeping watch for any movement above the wedge’s upper resistance line, which could confirm further upside. However, the structure remains valid only if Bitcoin stays above the lower boundary.
ETF Activity Shows Strong Entry Point Around $86K
Data from Maartunn indicates that the average realized price for Bitcoin ETFs is now $86,680. This is the price at which the majority of ETF positions were opened. The sustained premium over the ETF realized price may point to continued interest among larger investors.
However, the price would need to stay above that level to avoid pressure from potential exits by those holding ETF shares. As of the time of writing, Bitcoin was trading at $95,588.27 USD with a 24-hour trading volume of $78.41B. Bitcoin is down 0.83% in the last 24 hours.
Large Bitcoin Withdrawals From Exchanges Continue
Meanwhile, over 800,000 Bitcoins have been removed from exchanges in the last year. In the past 30 days alone, 118,000 Bitcoins have been taken off trading platforms. This trend is often linked with long-term holding behavior.
As coins move off exchanges, they are less likely to be sold in the short term. Fiat Archive noted that “The price reaction is going to be violent, nobody’s ready,” though such outcomes remain uncertain. When fewer coins are available on exchanges, there is less immediate supply that can be sold quickly.