---
title: "Bitcoin whales copy classic bull market moves as BTC price eyes $72K"
url: https://diffcoin.com/bitcoin-whales-copy-classic-bull-market-moves-as-btc-price-eyes-72k/
description: "Bitcoin (BTC) sought higher levels at the week’s last Wall Street open as bulls refused to succumb to market nerves.BTC/USD 1-hour chart. Source:…"
published: 2024-03-28
updated: 2024-03-28
author: "Mila"
site: "Diffcoin"
---

# Bitcoin whales copy classic bull market moves as BTC price eyes $72K

Bitcoin (BTC) sought higher levels at the week’s last Wall Street open as bulls refused to succumb to market nerves.

*BTC/USD 1-hour chart. Source: TradingView*

## BTC price sets up resistance retest

Data from Cointelegraph Markets Pro and TradingView followed resurgent BTC price action as it passed $71,000.

Flash volatility characterized the day prior as an ongoing legal battle between United States exchange Coinbase and regulator the Securities and Exchange Commission (SEC) sent Bitcoin below key $69,000 support.

The weakness did not last long, however, as buyers stepped in to fuel an ongoing attempt to snatch liquidity near all-time highs.

On the day, popular trader Skew warned that fakeout price behavior could result from manipulative liquidity moves. Among these was fresh bid support between $70,200 and $70,600, all of which was subsequently removed from the Binance order book.

*Source: Skew*

With all-time highs still acting as a clear price ceiling, fellow trader Daan Crypto Trades considered where price discovery could take Bitcoin should sellers be beaten out.

“Break all time high and low $80Ks should follow shortly afterwards I think,” he [summarized](https://twitter.com/DaanCrypto/status/1773311825049698373/photo/1) to followers on X (formerly Twitter).

An accompanying chart showed near-term trendline support in the form of the 200-period simple and exponential moving averages (MAs) on 4-hour timeframes.

BTC/USD chart. Source: Daan Crypto Trades/X

## Bitcoin whales sell to “TradFi”

Analyzing on-chain BTC flows, meanwhile, Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, highlighted a shift in ownership among the biggest Bitcoin hodlers.

***Related: Bitcoin ‘sell-side liquidity crisis’ sees BTC move for the first time since 2010***

Under current conditions, he revealed, long-term investors with significant exposure — Bitcoin whales — were offloading coins, while new whale entities were steadily buying up the supply.

These were institutions, Ki suggested, with the U.S. spot Bitcoin exchange-traded funds (ETFs) removing hundreds of billions of dollars’ worth of BTC from the market every day.

“Old whales are selling Bitcoin to new whales(TradFi), not retail investors,” he [concluded](https://twitter.com/ki_young_ju/status/1773238889525702991/photo/1).

> “This can be clearly observed on-chain.”

*Bitcoin supply transfer chart. Source: Ki Young Ju/X*

A chart showed the consequences of major on-chain ownership shifts — a run-up to all-time highs, as witnessed in both the 2017 and 2021 bull markets.

As Cointelegraph reported, mainstream interest in Bitcoin has trended down in recent weeks despite new all-time highs.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[Source link](https://cointelegraph.com/news/bitcoin-whales-copy-classic-bull-market-btc-price-72k)