Bitcoin price has done it once again in what seems to be an unstoppable rally. The digital asset just hit $39,000 on Coinbase and several other exchanges. Bitcoin price has been posting new all-time highs practically every day and seems to have no end.
BTC is up by almost 35% since the beginning of 2021 and faces very little resistance to the upside. FOMO (Fear Of Missing Out) seems to be coming as Google Trends shows that the search for Bitcoin is increasing, although still not as high as it was back in December 2017.
BTC price is currently trading at $39,000 and aims for $40,000 within the next week.
BTC Price Explodes As Whales Continue to Accumulate
One of the most significant factors of this bull rally is the number of whales that continue to accumulate BTC. According to statistics from Santiment, the amount of large holders with 1,000 to 10,000 BTC coins has increased by 123 since December 26.
Similarly, the number of huge whales holding between 10,000 and 100,000 BTC coins also increased from 96 on January 1 to 101 currently. This shows that whales expect BTC price to continue rising in the future and are not selling just yet.
It’s hard to determine potential resistance levels for BTC price, however, every psychological level like $39,000, $40,000, etc, should serve as a guide. On the way down, the most critical support levels are the 12-EMA and the 26-EMA on the daily chart.
The 26-EMA is special as it was held for the entire rally since October 2020. Losing this level would be extremely bearish. However, the 26-EMA is currently located at $28,000 which means we are unlikely to lose it any time soon.
Nonetheless, it’s clear that BTC price should see a significant correction soon. In the past, during the 2016/2017 rally, BTC saw several 30% or more corrections, something that we haven’t seen just yet. The biggest pullback happened on January 4 with BTC dropping 18% but recovered practically instantly.