Bitcoin surged to a new monthly high above $73,000, recovering sharply from a weekend dip tied to Middle East tensions. On-chain data indicates the rally is fueled by significant whale buying, with exchanges like Binance and OKX showing substantial net inflows following the conclusion of Chinese holidays.
Bitcoin’s price surged to a monthly peak above $73,000, marking a strong reversal from its drop to around $63,000 over the weekend. The initial decline coincided with military escalation in the Middle East between the U.S., Israel, and Iran.
Analyst CW stated that the bitcoin CVD indicator “shows strong buying.” The analyst noted the buying pressure is “lager from whales than retail investors.”
The rally follows the end of an extended Chinese holiday period. CW noted that major exchanges like Binance and OKX are now “showing massive net buying of BTC.”
Market observer Daan Crypto Trades called the move a “solid breakout so far.” He suggested bulls must maintain support above the $71,500 to $72,000 zone to sustain momentum. A drop back below that level could signal a failed breakout attempt.
