The Exchange Whale Ratio has also been steadily declining, signaling reduced selling pressure among large traders.
Source: CryptoQuant
Last week, digital asset investment products marked the second week of consecutive inflows at $619 million. This week, spot Bitcoin ETF inflows have already totaled $418.03 million, led by BlackRock at $295.31 million.
Bitcoin treasury companies were not left behind, with Strategy recently purchasing $1.28 billion worth of Bitcoin.
The recent drop in oil prices amid the US-Iran conflict and investor capital rotation from gold to digital assets have also contributed to BTC’s upward momentum.
Still, the $75K sell wall persists, suggesting whale selling at these prices rather than continued accumulation as they believe the asset to have reached a peak. Market uncertainty also brews around the upcoming US Federal Reserve announcement regarding interest rates, in addition to next month’s inflationary data. The latter will factor in previous oil price surges to over $100/barrel, possibly triggering a short-term risk-off BTC sale.
BTC price forecast
BTC breaking above $72K could signal bullish recovery, with short squeezes and possible Fed interest cut fueling further upside momentum. A fall below $65K could cause a further drop towards $60K.
Regarding the prevailing war, US President Donald Trump said it could end “soon”, but Iran dismissed these claims as nonsensical. For now, the US continues to destroy vessels deploying sea mines in the Strait of Hormuz, while Iran has labelled US Silicon Valley companies “legitimate targets” because of their links to the US military.
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