Bitcoin (BTC) continues to exhibit volatility, drawing the attention of seasoned investors regarding its future trajectory. Recently, the leading cryptocurrency has been consolidating its gains around the $68,000 mark after hitting an all-time high above $73,000 in March.

During this pullback, Bitcoin whales have been on a buying spree, acquiring 20,000 BTC in just 24 hours, according to crypto analyst Ali Martinez. This purchase, valued at approximately $1.34 billion at current market rates, occurred as Bitcoin's price dipped below $67,000, indicating renewed confidence in its long-term potential despite short-term fluctuations.

Martinez's insight follows a report from crypto analytics firm IntoTheBlock, which noted that addresses holding between 1,000 and 10,000 BTC were the primary accumulators as Bitcoin surged to $70,000. These addresses added 20,000 BTC ($1.4 billion) to their balances over the past week, highlighting Bitcoin's appeal among institutional and large-scale investors.

Other analysts are also observing Bitcoin's market dynamics. Glassnode, a leading on-chain data provider, reported a decline in Bitcoin Long-Term Holder (LTH) supply leading up to its all-time high in March 2024. However, this distribution pressure has lessened recently, suggesting a shift towards a more bullish market sentiment.

Adding to this optimistic outlook, cryptocurrency analyst "Gaah" from CryptoQuant pointed to the Puell Multiple, a measure of Bitcoin miner profitability post-halving. The recent decline in the Puell Multiple suggests a market adjustment to increased scarcity, potentially setting the stage for a future price rally.

"The reduction in miners' daily revenue indicates decreased profitability unless Bitcoin's price rises significantly. The current Puell Multiple range suggests a price discount, indicating potential network undervaluation. The decrease in new Bitcoin supply could drive prices up if demand grows," noted the analyst.

Despite market uncertainties, Bitcoin is facing minimal resistance around key support levels. Data from IntoTheBlock indicates a crucial supply zone between $70,180 and $70,600, where over 450,000 addresses acquired 273,000 BTC, reinforcing a bullish outlook for Bitcoin.

As of the latest data from CoinMarketCap, BTC was trading at $69,173, reflecting a 2.72% increase over the past 24 hours.