Just a month and a half ago, this article would have made no sense when BTC’s price tumbled below $75,000 and the main speculations within the community turned on whether the bull run had abruptly ended.
Yesterday, bitcoin’s price stood at $30,000 higher, and it came just 2% away from breaking its all-time high from January. It sits slightly lower now, but there’s something in the air that suggests a new peak is coming. Let’s see what on-chain data and some technical indicators will say about that.
The Bull Case
We begin with large accumulations. After all, prices tend to rise if there’s more buying momentum, right? Lookonchain listed a number of whales that have gone on an accumulation spree in the past few days, purchasing in total over $250 million worth of BTC.
Many whales are accumulating $BTC!
bc1qcp withdrew another 1,350 $BTC($141.91M) from #Binance 8 hours ago and currently holds 20,723 $BTC($2.19B).
bc1qpu (linked to Abraxas Capital) withdrew 675 $BTC($71.03M) from #Kraken 7 hours ago and currently holds 1,797 $BTC($190.11M).
— Lookonchain (@lookonchain) May 20, 2025
The accumulation group is typically led by Michael Saylor’s Strategy, and the world’s largest corporate holder of bitcoin didn’t disappoint this week. On Monday, the NASDAQ-listed company announced the latest purchase of BTC, worth three-quarters of a billion. Metaplanet also joined the pack by acquiring over 1,000 BTC for $104 million.
In the same context, it’s also worth exploring the ETF inflows, which have been in the green for most of the past month. In fact, there have been only four red examples since April 14 out of 25 trading days. According to data from Farside, the value of net inflows has surged past $3.3 billion since May 1.
Finishing off the accumulations with data from Glassnode, which reads that (almost) all sorts of BTC wallets have been buying recently – it’s not just whales and corporations.
Accumulation is now visible across nearly the entire wallet spectrum. Even <1 $BTC holders have flipped from distribution to light accumulation (~0.55), joining larger cohorts like 100–1K (~0.9) and 1K–10K #BTC (~0.85). Only 1–10 #BTC remain net sellers. pic.twitter.com/C4C9ZLlwNs
— glassnode (@glassnode) May 19, 2025
The fifth bullish signal for bitcoin comes from a slightly different perspective, as the overall market sentiment has switched to more positive ground. This is evident from the growing number of BTC leaving exchanges and the MVRV ratio, which is far from the peak levels.
The Bearish Side
When there are bulls, there have to be some bears, right? Well, their narrative receives support from the daily RSI, which has gone into an overbought territory, according to data shared by Ali Martinez.
#Bitcoin $BTC is currently trading in overbought territory, according to the daily RSI; a potential signal for short-term caution. pic.twitter.com/frK8sYUjyX
— Ali (@ali_charts) May 19, 2025
The popular analyst shared another worrying sign for BTC’s future price movements as miners, the backbone of the world’s largest blockchain network, have gone on a selling spree in the past day or so, disposing of over $250 million worth of the asset.
Miners sold over 2,400 #Bitcoin $BTC in the last 24 hours, valued at roughly $252 million! pic.twitter.com/ZritGe3cw9
— Ali (@ali_charts) May 19, 2025