Bitcoin is currently experiencing a lackluster consolidation phase within the upper-$11K zone as it struggles to surmount resistance near the $12K level.
However, the gains BTC price has seen in recent times seem far more organic than those seen in previous years. This growth indicates that the world’s leading crypto is forming a strong foundation for a new price increase.
One indicator of this strong organic growth is the rapidly rising exchange outflows, which have been seen in recent months.
Although BTC hasn’t managed to break above $12K yet, it appears that another uptick in prices is imminent in the weeks ahead.
Bitcoin Price Could Move Up as Accumulation Trend Persists
At press time, BTC has corrected lower by at its current price of $11,597 as it continues to consolidate gains above $11K.
The benchmark cryptocurrency’s ongoing consolidation over the past few days hasn’t deterred investors from increasing their exposure to BTC. Data shows that a multi-month accumulation trend is still ongoing.
This strong accumulation trend was recently highlighted by crypto analyst Byzantine General who tweeted that traders are likely preparing for the next Bull Run.
The analyst also shared the chart below that shows investors are pulling BTC from exchanges since March. The charts indicate that they are taking long-term positions in the flagship cryptocurrency.
OBV Indicator Points to ETH Price Correction
At the time of writing, the ETH price has dropped by about 3.6% to trade at $381. This drop follows an impressive uptick that saw the world’s second-largest crypto hit highs of around $400 and above.
That earlier bullish momentum that propelled Ethereum past the stubborn resistance near $250 to hit highs of $412, also helped to push Bitcoin through $10K and restart the overall market Bull Run.
However, ETH has been consolidating gains over the past few days. Technical indicators now reveal that before new ETH highs are set, a strong reversal is imminent, and already may be happening.
According to the On-Balance-Volume (OBV) indicator displayed in the chart below, big investors could be taking profits from recent ETH gains, resulting in a price pullback.
Current ETH price action resembles a healthy pullback, but a more severe reversal could be likely because high wealth investors usually take positions ahead of the herd.
The OBV indicator shows this taking place now, right under the noses of unsuspecting market participants.
