Onchain data reveals that Bitcoin accumulators are increasing their holdings as the price approaches new highs. Recent analysis indicates that Bitcoin's price action pattern suggests a potential rise to new all-time highs above $110,000 within the week. Currently, Bitcoin is trading between $106,300 and $100,600, which mirrors a previous range. Indicators point to a consolidation phase around $103,500 to $105,200 that could facilitate a breakout. However, there is concern over a bearish divergence noted on the daily chart, which may indicate weakening buying pressure. Coincidingly, the Accumulation Trend Score from Glassnode shows strong accumulation among various wallet cohorts, suggesting a positive market sentiment despite this divergence. Analysts stress the need for Bitcoin to push higher in the coming weeks to maintain bullish momentum and avoid confirming the bearish divergence.

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