BTC saw a 13.2% price hike over the past six days, with the crypto once again above the key short-term level at $81k. This level had been a strong support in mid-March, but was flipped to resistance in the first week of April. he taker buy/sell volume revealed that the long/short ratio was 1.04. In other words, 51% of the taker volume was long, which pointed towards some short-term bullish sentiment.
The whale orders chart from Coinglass showed a sizeable sell wall at $86k, $88k, and at $91k. Hence, over the next few days, traders already in a long position can use these levels to take profits at. The whale sell volume earlier on Monday indicated some large sell orders, but this was not enough to halt the slow climb towards $85k.
Bitcoin’s realized pricing bands also signaled a potential price bounce towards $105k or higher. Over the past two weeks, they bounced higher from the 1.7RP at $74.6k. The RVT metric’s 30-day moving average was at 20.5, and its ascent beyond 22 generally marks an accumulation phase. This would indicate that a large amount of capital on the network is not participating in daily transactions, signaling accumulation.
The previous time the 1.7RP was tested was in September. In the following months, a bounce beyond the 2.4RP materialized. Whether BTC would continue the current corrective phase and retest $74k before such a bounce is unclear right now. However, a BTC accumulation phase is also something that might affect the price trends positively.