Bitcoin, the largest cryptocurrency, currently hovers around $68,000 following a recent struggle to surpass the $70,000 mark. Despite facing resistance, recent data on Bitcoin's blockchain activity suggests optimistic developments ahead.

In recent weeks, Bitcoin has been in a phase of consolidation, according to leading analyst Willy Woo. This period, characterized by stable pricing amid strong buying interest, indicates a healthy market condition. Woo believes Bitcoin has potential for further growth before potentially reaching its peak. He noted that while capital inflows into the Bitcoin network dipped during consolidation, they have steadily risen throughout May.

A promising indicator is the renewed interest in spot Bitcoin ETFs in the United States. Inflows into these ETFs have surged recently, with BlackRock outpacing Grayscale in terms of new investments. Daily demand from these ETFs now exceeds the daily Bitcoin mining output, underscoring institutional interest in Bitcoin.

Woo also highlighted a resurgence in Bitcoin futures markets, particularly among individual traders. The funding rate for perpetual swaps, an indicator of trader sentiment, shows a steady increase without reaching overly speculative levels.

During this consolidation phase, Bitcoin whales—holders of large amounts of Bitcoin—have withdrawn significant sums from exchanges, indicating strong accumulation. This trend could potentially reduce available Bitcoin for trading, leading to upward pressure on prices if demand remains robust.

Looking ahead, Bitcoin faces a critical resistance level around $73,000. However, surpassing $72,000 could trigger significant market movements, potentially pushing Bitcoin above $75,000 and setting new records.

In conclusion, while Bitcoin encounters challenges in breaking through resistance levels, its underlying metrics suggest a positive trajectory. Institutional interest through spot ETFs and increased accumulation by Bitcoin whales provide a strong foundation for potential future gains in Bitcoin's price.