Five days post the fourth Bitcoin (BTC) halving, the cryptocurrency remains ensnared in a sideways movement, fluctuating between $60,000 and $74,000. Despite this, Bitcoin exhibits a gradual upward trend, with Wednesday's mid-London session valuing it around $66,377.

In the midst of market uncertainty, Bitcoin finds robust support near $64,903, lending stability amid sudden market shifts.

Insights from On-Chain Data and Market Activity

On-chain data reveals a notable decrease in Bitcoin accumulation by major investors. CoinShare's weekly report validates this trend, noting a net outflow of approximately $206 million from digital asset investment products, primarily driven by Bitcoin and Ethereum.

Despite these shifts, optimism prevails for heightened Bitcoin demand in the near term. The impending launch of spot BTC ETF trading in Hong Kong by month-end is anticipated to bolster demand. Moreover, the release of US federal funds rates in early May will provide insights into potential rate adjustments for the year.

Technical Signals Under Scrutiny

Confidence in Bitcoin's upward trajectory remains firm, buoyed by recent BTC ETF approvals in the US and Hong Kong. Presently, the cryptocurrency is undergoing a retest of its 2021 bullish breakout, with several indicators hinting at an impending rally.

Crypto analyst Rekt Capital posits that Bitcoin is presently in an accumulation phase, poised for a surge based on historical patterns. This sentiment resonates throughout the industry, with expectations of sustained consolidation, potentially creating opportunities for alternative cryptocurrencies.

However, analyst Ali Martinez issues a cautionary note, highlighting the 12-hour TD Sequential indicator signaling a sell. Traders are urged to maintain vigilance, particularly if Bitcoin dips below the support level of approximately $65,500, potentially triggering a retreat to the $61,000 support level.