Bitcoin (BTC) remained resilient as the week concluded on Wall Street, with bullish sentiment prevailing despite market jitters. BTC's price surged past $71,000, setting up a retest of resistance levels.

Flash volatility was witnessed the previous day due to an ongoing legal dispute between the United States exchange Coinbase and the Securities and Exchange Commission (SEC), causing Bitcoin to dip below the crucial $69,000 support level.

However, buyers quickly intervened, aiming to capitalize on liquidity near its record highs. Trader Skew cautioned about potential fakeout price movements resulting from manipulative liquidity maneuvers, noting the removal of bid support between $70,200 and $70,600 from the Binance order book.

Despite facing resistance at all-time highs, trader Daan Crypto Trades speculated that Bitcoin could enter price discovery mode and reach the low $80Ks if sellers were overpowered. On-chain analysis by Ki Young Ju, CEO of CryptoQuant, revealed a change in Bitcoin ownership dynamics, with long-term investors (Bitcoin whales) selling to institutional investors, referred to as "TradFi," rather than retail investors. This shift was evident as U.S. spot Bitcoin exchange-traded funds (ETFs) continued to withdraw large amounts of BTC from the market daily.

The resulting on-chain ownership shifts historically preceded Bitcoin's previous bull markets, indicating a potential run-up to new all-time highs despite declining mainstream interest in recent weeks.