• Bitcoin faces selling pressure as the market awaits the inflation numbers and jobless claims in the week ahead.
• Bitcoin shows weakness on the technical chart for the short term but on-chain data shows heavy accumulation by whales and sharks.

Despite facing some selling pressure recently, the world’s largest cryptocurrency Bitcoin (BTC) has continued to defend the $30,000 level. The major discussion around the Bitcoin (BTC) p[rice has been largely due to the filing of the spot Bitcoin ETF by BlackRock and other financial giants last month.

Some analysts believe that the approval of a spot Bitcoin ETF would usher massive liquidity in the crypto space. On the other hand, there are players like JPMorgan who say that such a development won’t make a major difference.

Also, in a research report last week, Alex Thorn, head of research at Galaxy wrote: “So-called mainstream adoption will bring waves of new entrants to Bitcoin, and the risk is that they won’t care, and won’t protect the decentralization properties that make it valuable over centralized alternatives in the first place”.

But it seems that the market doesn’t seem to mind much, not delving into the nuances of decentralization. In a note to CoinDesk, BitBull Capital’s Joe DiPasquale said:

In a largely uneventful week, we saw bitcoin trending downward to test support levels near $30K. However, the market leader managed to defend the key level despite news of the SEC calling ETF filings inadequate. We still maintain that continued trading above $30K will see more attempts to go higher. Meanwhile, $27K remains a strong support for now.

This week ahead, the market will keep its eye on the inflation numbers and other jobless claims. The Federal Reserve might decide on any further rate hikes based on these two data points.

Bitcoin Whale Accumulation Continues

On-chain indicators have been showing strength for Bitcoin with the shark and whale addresses accumulating in heavy quantities over the past few weeks. As per on-chain data provider Santiment: “Bitcoin’s sharks and whales aren’t showing any signs of slowing down, even with prices beginning to get “boring” in this $30k to $31k range. Since June 17th, 10 to 10k $BTC addresses have accumulated 71k more coins, equating to $2.15 billion”.

On the other hand, Bitcoin technical indicators show weakness on the daily chart.

On the daily chart, the price of Bitcoin has been testing the $30K level multiple times after breaking above it recently. Although this level has provided support so far, there are concerning signs of a bearish divergence in the RSI indicator.

This indicates the potential for a correction or reversal in the near future. If a decline occurs, the 50-day moving average around $28K and the 200-day moving average around $26K could serve as important support levels.

On the other hand, if the price maintains its upward momentum, there is a possibility of a move towards the resistance zone at $38K.