While Bitcoin and Ether are attempting to find their footing, with many expecting another upward move that would renew all-time highs, the cryptocurrency market remains a field of divergent views.
Only yesterday, I noted that Glassnode cautioned we may already be in a mature phase of the bull market, and that a new wave of growth, without a larger correction, is far from guaranteed.
Today, however, Bitwise published a report stating that the pace of BTC accumulation across all wallet groups has reached its highest level since April 2025. Such elevated accumulation is typically seen ahead of major upward breakouts.
This report is certainly an argument in favor of the bullish scenario for Bitcoin. Growth in accumulation—especially when it occurs across a broad range of wallets—suggests investors are not buying BTC solely for speculative purposes, but are considering it as a long-term asset and a store of value. This is fundamentally different from periods of hype driven by short-term traders, and it often signals a more sustainable rally. It is important to note that the Bitwise report draws attention not only to the total amount of BTC being accumulated, but also to the pace of this accumulation. A sharp increase in speed indicates investors are gaining confidence in Bitcoin's prospects and are actively increasing their positions. This, in turn, could reduce market supply and lead to price growth.
Experts clarify that such high levels of accumulation have also been observed at local tops, and BTC has sometimes corrected or entered a sideways trend before a bull rally resumed. Ultimately, the only clear signal provided by high accumulation levels is that the major bull trend persists for now.
As with any investment asset, it is critical to remain cautious and avoid euphoria. The cryptocurrency market is volatile, and past performance does not guarantee future results. Nevertheless, the Bitwise report sends an important signal to the market: institutional and retail investors are not losing faith in Bitcoin; on the contrary, they are actively building their positions, which could foreshadow a forthcoming continuation of the upward trend.
Trading recommendations:
As for the technical picture for Bitcoin, buyers are now aiming for a recovery to the $113,700 level, which would open a direct path to $115,600, and from there to the $117,500 area. The most distant target is the high around $119,300. Overcoming this level would signal further strengthening of the bull market. Should Bitcoin fall, buyers are expected at the $112,100 level. If the instrument drops below this area, BTC could quickly move to the $110,500 zone. The most distant downside target is around $108,600.
Regarding the technical picture for Ethereum, a clear consolidation above $4,641 opens a direct move to $4,807. The most distant target is the high near $5,055. Surpassing this level would signal further strengthening of the bull market and increased buyer interest. If Ether declines, buyers are expected at $4,477. Dropping below this zone could send ETH quickly to the $4,347 area. The most distant downside target is $4,215.
What we see on the chart:
- The red line indicates support and resistance, where either a slowdown or an acceleration in price is currently expected;
- The green line represents the 50-day moving average;
- The blue line represents the 100-day moving average;
- The light green line indicates the 200-day moving average.
The crossing or testing of moving averages by the price generally either halts market movement or gives it new momentum.
