Bitcoin (BTC) is showing renewed strength both on the charts and on-chain, fueling speculation that the world’s largest cryptocurrency could be preparing for another leg higher. After posting its strongest daily close since June 16, Bitcoin has successfully reclaimed an important technical level while the number of wallets holding at least one BTC continues to rise.
The combination of improving market structure and growing accumulation has strengthened the bullish outlook heading into the second half of July. If current momentum holds, some analysts believe Bitcoin could be positioning itself for a move toward the $74,000 region.
Bitcoin Eyes $74,000 Amid Breakout
Bitcoin climbed from approximately $62,278 to $65,000 on Wednesday, recording a daily gain of around 4.3%. Interestingly, that growth marked its highest daily candle close since June 16. It was also BTC’s largest daily increase since April 13.
Meanwhile, the 6-hour chart highlights an important development. Bitcoin has broken above a descending resistance trendline that had rejected multiple rally attempts throughout June and early July. The breakout has seen BTC successfully flip former resistance into support, a technical signal that often suggests buyers are gaining control of market structure.
Several previous attempts to reclaim this level failed, as shown by the multiple rejection points marked on the chart. This time, however, Bitcoin has managed to establish itself above the former resistance zone, keeping the bounce intact.
Should the breakout remain valid, analysis points to a potential upside target near $74,000, a 14% increase from the current market price. The move would take Bitcoin to price levels last seen in May.
BTC Wholecoiner Wallets Grow 4,000 Since June
On-chain data is also painting an encouraging picture for Bitcoin. The number of addresses holding at least one BTC has increased by nearly 0.4% since June. In absolute terms, more than 4,000 new wallets have crossed the one-Bitcoin threshold over the past month.
The latest Glassnode data shows the number of wholecoiner wallets approaching 980,000, continuing an upward trend despite Bitcoin’s recent price volatility.
The increase in wallets holding 1 BTC is a sign of growing conviction among long-term participants. Rather than chasing short-term price movements, these holders are accumulating Bitcoin, taking advantage of the dip to reach the wholecoiner status. The steady rise in this class of holders suggests demand remains strong even as Bitcoin consolidates near its recent highs.
Evans Kelvin
Temitope Olajide
