JAKARTA - The first crypto asset by market cap, Bitcoin (BTC), shows tremendous strength. In the past week, the price of Bitcoin jumped more than 10 percent, approaching the resistance level of around US$67,000 (around Rp1.071 billion).
This increase indicates a bullish pattern formation that is ready to soar towards US$69,000 (around Rp1,103 billion) before testing back the record high (ATH) above US$73,000 (around Rp1,167 billion). Significantly, the price of Bitcoin has consistently been closed above the 50 daily moving average (MA) over the past six days, indicating that bullish market players are controlling trend direction.
Based on on-chain data provided by market intelligence platform Santiment, the Bitcoin whale has bought BTC from short-term holders. Specifically, the small Bitcoin wallet decreased by more than 182 thousand in the past week. However, the Hong Kong-based spot Bitcoin ETF and the United States recorded significant inflows of incoming funds last week.
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Hong Kong-based spot Bitcoin ETF experienced an inflow of around US$244 million (around Rp 3.48 trillion) in total net assets, while US-based spot BTC ETF raised more than 14 thousand Bitcoins last week. Interestingly, Bitcoin miners only created about 520 units last month, showing growing demand from institutional investors.
Recently, based on on-chain data, one of the crypto whales has just purchased more than 16,445 Bitcoins, worth more than USD 1.1 billion (approximately IDR 15.7 trillion), in the last 24 hours. Other crypto whales looked aggressive at accumulating Bitcoin in the last 24 hours, with more than USD 106 million (approximately IDR 1.51 trillion).
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