Bitcoin whales are getting ready: Purchases are increasing!

Bitcoin ($BTC BTC), which is approaching $69,000, has given the green light to the bull season with whale activities.

Bitcoin ( BTC BTC) price is nearing $69,000 as whale activity signals the bull season is in full swing.

This development has heightened anticipation among investors and analysts for new record highs. According to data from Santiment, there was a net increase of 268 in the number of wallets holding 100 to 1,000 BTC on Oct. 10 as the price dipped to $59,000. This activity suggests that large investors were making purchases during this period, anticipating a significant price rally.

Bitcoin is currently trading close to the $70,000 level, which has acted as a resistance point, triggering sales on five occasions in the past seven months. However, increasing purchases by whales may indicate that this resistance is weakening.

Bitcoin is trading at $68,383, testing new supply levels. The price encountered brief resistance at $68,998 and is now gearing up for another push to new highs. For the continuation of the upward momentum, it is crucial for the price to remain above the 200-day moving average, which currently stands at $63,322.

If the price fails to break through $70,000, analysts suggest that there could be a correction, which may serve to increase market liquidity and pave the way for a fresh rally. Investors note that the price movements in the coming days will largely shape the long-term outlook for Bitcoin.

Ali Martinez, a popular cryptocurrency analyst, provided an exciting update for his followers on Oct. 18 with his analysis of Bitcoin price. According to Martinez, BTC is set to test $78,000 with the breakdown of the falling channel structure. The analyst,