Bitcoin price consolidation and bullish on-chain data hint at new all-time highs by next week.

Bitcoin

Bitcoin price consolidation and bullish on-chain data hint at new all-time highs by next week.

Key Takeaways:

• Bitcoins realized cap has grown by $30 billion since April 20, reflecting steady investor confidence and new capital inflows.
• A Bitcoin price consolidation pattern forecasts a potential 10% breakout by next week.

Bitcoin (BTC) continues to show strong bullish momentum as fresh capital inflows signal potential new price highs in the coming week. In an X post, Glassnode reported that Bitcoins Realized Cap, which measures the total value of BTC based on the price at which each coin last moved, grew by $30 billion since April 20, growing at a 3% monthly rate in May. The current realized cap is $900 billion.

Though slower than the 8% spike in late 2024 when BTC hit $93,000, this growth reflects steady investor confidence and new capital entering the market.

Adding to the optimism, Glassnode revealed a significant shift in market dynamics. The 7-day simple moving average (SMA) of Bitcoins Spot Volume Delta flipped positive, peaking near $5 billion on May 13.

This aggressive net spot buyer demand, seen only a few times this year as highlighted, confirms strong spot market conviction behind Bitcoins recent push above the $100,000 psychological resistance. The surge in spot buying pressure suggests institutional and retail investors drive the rally, not just leveraged trading.

Despite the slower Realized Cap growth compared to late 2024s $50 billion spike, the current market sentiment remains positive.

Will Bitcoin gain 10% by next week？

Bitcoin has shown a steady consolidation and expansion trend since forming a bottom around $74,500 in early April. Over the past four weeks, a pattern has emerged where each time Bitcoin hits a key level, it moves sideways before breaking out to a higher range. This pattern has repeated twice, with a third consolidation currently underway.

Each phase has followed a similar setup, forming higher upper and lower ranges. The bottom range is typically tested at least once before Bitcoin pushes to new highs. The relative strength index (RSI) has complemented this price action, reaching overbought levels during new highs and dropping to around 50 during sideways movement.

Currently, Bitcoin is consolidating between an upper range of $105,700 and a lower range of $100,678. If the pattern holds, Bitcoin might retest the $100,000-$102,000 level before potentially breaking above $110,000. However, a bearish invalidation could occur if prices fall below $102,000 and fail to recover swiftly.