Bitcoin (BTC) price moved closer to $35,500 on Monday as several on-chain data metrics flash early signals of another leg-up.
Bitcoin Miners accumulated 583 BTC worth $18.3 million over the weekend.
Aggregate data from order books of 20 crypto exchanges shows that Bitcoin bulls are now dominating the market with active orders to buy 55,000 BTC.
After consolidating around $34,500 over the weekend, Bitcoin (BTC) price rallied above the $35,000 mark again on Monday. However, Bitcoin miners’ recent trading activity is flashing green signals for another BTC price upswing.
Bitcoin Miners Accumulated BTC Worth $18.5M Over the Weekend
When Bitcoin price hit a new 2023 peak of $35,700 last week, BTC Miners took advantage of the rally to offload their about 2,190 BTC from reserves as they booked some profit. This effectively triggered a price correction below the $34,400 area. But since the weekend, the miners have started to take on a more positive outlook
Glassnode’s Miners’ Wallets Balances chart below illustrates how BTC miners and node validators stopped their week-long selling frenzy to acquire 583 BTC n within the last 3 days..
Bitcoin (BTC) Miner Wallets vs. Price | Source: GlassnodeIntuitively, the Miner Wallets metric, tracks the real-time swings in the balances held by recognized Bitcoin miners and mining pools. Currently, the BTC miners hold approximately 10% of the total bitcoin circulation supply. Hence, their trading activity impacts BTC price action heavily.
If the Miners keep accumulating their block rewards, this week, BTC price could continue on it current upward trajectory toward the $40,000 level.
The Bulls are Currently Dominating the Spot Markets
In further confirmation of the rising bullish momentum, Bitcoin market demand has now surpassed supply. The Aggregate Order Books data from 20 crypto exchanges including Binance and Coinbase, the bulls have placed active orders to buy 55,000 BTC around the current prices. Meanwhile the traders have only placed a total of 43,000 BTC up for sale.
Bitcoin (BTC) Aggregate Exchange Order Books | Source: IntoTheBlockThe Aggregate Order Books chart compiles the all the buy/sell orders that traders currently have listed across different centralized crypto exchanges. Typically, when the buy-orders exceed the sell side as observed above, it implies that there’s a dominant buying momentum across the market.
Hence, with fewer BTC coins currently up for sale relative to demand, buyers may have to increase their bids marginally to greet their orders filled quickly. This could inadvertently drive BTC price further toward the $40,000 market this week.
BTC Price Prediction: Is $40,000 a Viable Target?
From an on-chain perspective, the Bitcoin bulls appear to firmly in control of the markets in this month so far. And if the miners keep accumulating, BTC price could reclaim the $40,000 in the weeks ahead.
The Parabolic SAR (Stop and Reverse) technical indicator data also support this bullish Bitcoin price forecast.The Parabolic SAR highlights the $34,300 area as potential reversal point in the ongoing price trend.
Considering this is well below the current price of $34,900, it indicates as short-term bullish momentum. However, if the bears can force a downswing below the $34,300 mark, the bullish moment could slowdown significantly.
Bitcoin (BTC) Price Forecast | Source: TradingViewHowever, on the upside, Bitcoin price must reclaim the $36,700 area to be confident of another bullish breakout. Historical the $36,700 was a major sell zone during the TerraUST crash back in May 2022.
Hence, the bears will likely mount a significant resistance wall at that range. But if the bulls can remain dominant, the Bitcoin price could force a move toward $40,000.