Bitcoin (BTC) on-chain data indicates a rise in daily active addresses, along with a slight increase in flows into US spot Bitcoin ETFs potentially triggering an upward rally in the coming days.
Meanwhile, prominent crypto influencer Wise Advice highlighted a significant development in the Bitcoin market. The Bitcoin weekly Bollinger Band has reached its second lowest level in 6 years, a signal that could hint at a 200% rise from its current price level.
Bitcoin Historical Pattern Hints 200% Rise
According to a recent tweet by Wise Advice pointed out that the last time the Bollinger Band was this tight, Bitcoin was trading at $24,000. Following that, Bitcoin experienced a dramatic surge, skyrocketing by 200% within just five months.
Bollinger Bands are a popular technical analysis tool used by traders to identify volatility and potential price reversals in the market. When the bands are tight, it indicates low volatility and can often precede significant price movements, either upward or downward.
With Bitcoin currently showing this pattern, many analysts and traders are speculating about an upcoming breakout. If history repeats itself, Bitcoin surge by 200% from its current price level we can see Bitcoin reach around $180k in the coming months.
Bitcoin ETFs Saw Slow Inflow
According to data from Lookonchain, nine Bitcoin spot ETFs added 526 BTC worth $33 million on July 1, marking five consecutive days of net inflows. BlackRock added 1,366 BTC, worth $85.9 million, bringing its total to 306,979 BTC, valued at $19.3 billion.
Meanwhile, Grayscale, Invesco, and Fidelity saw decreases of 198, 201, and 437 BTC, respectively. Together, the nine Bitcoin spot ETFs hold $54.3 billion in Bitcoin.
Bitcoin Technical Analysis
On Monday, Bitcoin’s price broke above a falling wedge pattern but faced rejection at the daily resistance level of $63,956. As of now, Bitcoin is trading below this level at $62,916, with a slight decrease in its price.
If Bitcoin manages to close above the $63,956 resistance level, it could potentially rise by 5% to test the next weekly resistance at $67,147.
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