Bitcoin (BTC) is exhibiting a bullish divergence on the Relative Strength Index (RSI), a momentum oscillator that measures the speed and magnitude of price movements on a scale of 0 to 100. When RSI forms higher lows while price forms lower lows, the resulting divergence typically indicates weakening selling pressure and improving buyer momentum. Rising network activity and stronger whale participation reflect growing investor confidence, while continued accumulation and reduced exchange supply could support a stronger recovery and reinforce the cryptocurrency's long-term bullish outlook.

At the time of writing, BTC is trading at $64,150.94 with a 24-hour trading volume of $23.31 billion and a market capitalization of $1.28 trillion, following a 1.01% gain over the last 24 hours. The price remains below the all-time high of approximately $73,700 reached in March 2024. Both the BTC price structure and whale accumulation patterns point to a potential bullish reversal ahead. (CoinMarketCap)

Bitcoin Price Eyes $80K on Bullish RSI Divergence

Crypto analyst JAVON MARKS reports that Bitcoin is continuing to hold a clear bullish divergence on the RSI, a technical indicator that often signals diminishing bearish momentum. Despite recent price pressure, the indicator suggests sellers are losing strength while buyers gradually return. Analysts view this setup as an early sign that market sentiment could begin shifting in favor of bulls. (JAVON MARKS' X Post)

The bullish divergence could be confirmed through a breakout beyond the current resistance zone, which would result in a strong recovery. Technical analysis indicates that new buying pressure could send the price to levels beyond $80,000. While confirmation remains key, the chart currently suggests that bulls are taking charge of the trend.

Bitcoin Addresses Surge as Whale Transactions Spike

Data from Santiment Intelligence highlighted that activity on the Bitcoin blockchain has increased significantly over the past seven days. The number of active Bitcoin wallets has reached 712,000, the highest level in three months. Additionally, there have been 61,800 whale trades exceeding $100,000, marking the largest such figure in the last five months. This increase signals heightened investor involvement in the cryptocurrency. (Santiment Intelligence's X Post)

The surge in on-chain activity comes against the backdrop of Bitcoin's April 2024 halving, which reduced the block reward from 6.25 BTC to 3.125 BTC and halved the rate at which new Bitcoin enters circulation. Historically, reduced issuance following halving events has reinforced scarcity dynamics that large holders factor into accumulation strategies.

Reports have also linked the increased on-chain activity to wallet vulnerabilities stemming from key generation issues associated with Coldcard. These concerns have prompted investors to withdraw their holdings, consolidate wallets, and improve custody strategies. Losses recorded in connection with these vulnerabilities have exceeded 2,055 BTC, with an estimated value surpassing $130 million.

What Happens Next for Bitcoin?

The trajectory of the Bitcoin price will depend on whether buyers can sustain their momentum and push through critical resistance levels. Strength in on-chain metrics and whale activity could support an overall revival, though declining demand might keep Bitcoin trading within its existing range.