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April 27 $BTC Weekly Market Analysis
In April, the total net purchase of Bitcoin by whales reached approximately 270k BTC, the largest single-month net buy since 2013. On-chain data over the weekend shows continued accumulation, with holdings of 10-10k BTC wallets increasing. Exchange reserves have fallen to multi-year lows, indicating a significant tightening of supply.
Whale accumulation chart (balance changes of large holders with 1k-10k BTC, showing recent strong net buying)
@MicroStrategy bought 34,164 BTC in a single week in mid-April, bringing total holdings to 815,061 BTC, surpassing BlackRock IBIT to become the largest Bitcoin holding institution 🔥
In April, the US spot Bitcoin ETF recorded over $2.4 billion in net inflows (some data reaching $2.43 billion), with continuous positive inflows for multiple days, led by BlackRock IBIT.
Technical analysis of candlestick charts:
Last week, I mentioned that at this level on the daily chart, the rebound has not yet ended, and the support at 77,200 has not been broken. According to our expectations, the trend is still moving sideways upward. Currently, the focus is on resistance in the 80,000–80,500 range. If this resistance is broken, the price could move toward 86,000. In summary, I believe that this week will mainly see sideways upward movement, with a trend resistance around 86,000, and then consider the downside risk 📉