The first quarter of 2023 has seen strong price performance as far as Bitcoin is concerned.
The cryptocurrency has increased by more than 70% since the start of the year, despite periodic negative conditions and March's spate of bank runs (the greatest individual drop was just -18.6%).
Bitcoin whales have reportedly been silently buying massive amounts of the cryptocurrency since the dip from above $30,000 on April 11 according to on-chain analytics company Santiment.
In a recent tweet, the on-chain data analytics platform, Santiment reported that addresses holding 100 to 10,000 BTC have collectively bought 64,094 coins back to their bags since mid-April, even as prices fluctuated and dropped marginally.
Glassnode also noted in a tweet earlier in the week, that after a brief phase of aggressive distribution during the depths of the down market, Bitcoin HODLers have resumed the prevalent regime of accumulating, recording a current inflow of +15K BTC per Month.
About $1.5 billion worth of Bitcoin (BTC) has flowed into Binance in the last 30 days, according to new on-chain data from market intelligence platform Coinglass. Binance currently holds 586,870 Bitcoin at the time of writing, 50,289 of which were acquired just this month.
Furthermore, according to Coinglass, 13,771 of the BTC came in over the past seven days, while just under 369 tokens entered over the last 24 hours.
Gemini, OKX, and Coinbase Pro are three more well-known cryptocurrency exchange platforms that had considerable BTC movement over the last month. These exchanges experienced monthly outflows of 17,464, 4,514, and 1,547 Bitcoin, respectively.
13,888 BTC came into cryptocurrency exchanges altogether this month, according to Coinglass, and is worth about $407.7 million
The last few candlesticks in Bitcoin's daily chart indicate that while the bulls may be slightly in control, there is still a large amount of indecision in the market.
The bulls took the opportunity to push the price of the cryptocurrency into a rise above its 20-day EMA (red line), causing Bitcoin's reattempt at testing the $30,000 zone.
Bitcoin's break above this moving average does not, however, mean that it is safe and that the bears have lost.
The bears are still actively trying to push the price of the cryptocurrency down below the 20-day EMA.
The bulls have their work cut out for them in this case. They must push BTC into a test of the overhead resistance region between $31,000 and $32,400.
If the bears push the price of BTC below the 20-day EMA, the 50-day simple moving average ($27,657) will be the next support level. And if this level is broken and BTC closes below it, Bitcoin will decline heavily to the $25,000 zone.
The last three candlesticks on Bitcoin's monthly charts for 2023 have been green ones, indicating that Bitcoin has been strong in terms of price over the last few months.
The candlestick for April also looks promising as the fourth green one in 2023, unless the bears somehow beat the bulls and push the price of the cryptocurrency below $28,476 before Sunday.
However, the outlook for May does not seem so promising, especially given that the cryptocurrency seems to be having such difficulty breaking the $30,000 resistance.
It should be noted that since 2021, this zone has been strong, and the weekly Relative Strength Index (RSI) currently appears to be reaching overbought conditions and may be a warning sign for a coming BTC price rejection.
This further indicates that a correction to $25,000 may be possible before the cryptocurrency has a chance to rally to $35,000 or higher.
Overall, Bitcoin is bullish and may rise even further to the top in May.
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