Bitcoin ($BTC) whales may be signaling a possible rebound for the asset, which has been undergoing consolidation in recent sessions while attempting to hold above $70,000.
In this line, data from CryptoQuant shows the Exchange Whale Ratio, an on-chain metric tracking the share of large transactions flowing into exchanges, has surged to its highest level in six years, last seen in the previous market cycle.
Historically, sharp spikes in this metric have coincided with short-term price bottoms during consolidation phases before Bitcoin resumes bullish momentum.
The latest rise suggests whales are once again driving exchange activity while retail participation has fallen to a six-year low, indicating large investors may be accumulating as prices remain below recent highs.
Such divergence often signals a market cycle transition, with large holders building positions during uncertainty while weaker hands exit, potentially absorbing much of the selling pressure.
In previous instances when the whale ratio reached extreme levels, Bitcoin soon entered an uptrend after forming a short-term bottom. If the historical pattern repeats, the current signal could indicate the early stages of another rebound, potentially opening a path toward the $100,000 level.
Bitcoin price stabilizes
This outlook comes as Bitcoin climbed to a 40-day high above $74,000 amid renewed institutional demand and stabilizing market conditions.
The leading cryptocurrency has shown resilience this month, recovering from dips into the mid-$60,000 range earlier in March. Recent gains come despite broader macroeconomic pressures, including geopolitical tensions and oil price volatility.
Spot Bitcoin ETFs have been a major catalyst, recording consecutive net inflows, including a streak of five positive days earlier this month that absorbed hundreds of millions in capital.
This marks a reversal from prior outflow periods, injecting fresh liquidity and supporting price action and trading volumes in ETF products.
Bitcoin price analysis
By press time, Bitcoin was trading at $73,236, having rallied almost 2% in the past 24 hours. On the weekly timeline, $BTC is up over 8%.
While Bitcoin faces resistance near $74,000–$75,000, a breakout above this zone could target higher levels in the near term.
Some optimistic forecasts point to potential moves toward $80,000 or higher by late March if inflows persist, although others caution about overhead supply and macro risks that could trigger consolidation or pullbacks toward support around $68,000–$70,000.
Featured image via Shutterstock
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