Bitcoin, the largest cryptocurrency globally, has been hovering around $68,000 recently, encountering strong resistance near $70,000 last week. Despite these fluctuations, indicators from Bitcoin's blockchain suggest positive developments ahead.

Analyst Willy Woo has analyzed Bitcoin's recent market trends, indicating that a period of consolidation lasting over two months under strong demand has been beneficial. This consolidation phase suggests that Bitcoin's price may have more potential for upward movement before reaching a peak.

Woo noted a significant increase in capital flowing into the Bitcoin network during May, following a bottoming out period. Concurrently, inflows into spot Bitcoin ETFs have surged in recent weeks, with BlackRock surpassing Grayscale in this regard. The daily demand from these ETFs far exceeds the amount of Bitcoin mined each day.

Moreover, there has been a resurgence in demand within the futures markets, particularly noticeable among retail traders showing interest in long positions. Woo highlighted that despite this increased demand, there's a careful balance to avoid excessive FOMO (fear of missing out) sentiment among investors.

During the consolidation phase, a considerable amount of Bitcoin has been moved off exchanges, signaling significant accumulation by large BTC holders. This trend could potentially create a supply shortage, thereby driving Bitcoin's price upwards in the future.

Looking at Bitcoin's current resistance levels, Woo pointed out a formidable barrier at $73,000. However, he also noted that surpassing $72,000 could trigger substantial liquidations, potentially leading to a short squeeze. According to Woo's analysis, this scenario might propel Bitcoin past $75,000 and break previous all-time highs.

In summary, Willy Woo believes that fundamental demand factors will likely play a crucial role in pushing Bitcoin's price higher in the coming days. As Bitcoin continues to consolidate and attract investment across various market segments, the outlook remains optimistic for further price appreciation.