Bitcoin rallied to $69,482, with smaller-sized holders accumulating in February. Analysts predict a bullish trend, but consolidation may precede it. Key takeaways include $92 million in short liquidations, $613 million added by small wallets, and weak sentiment. Will the relief rally last?

BTC broke above $69,000 and the descending channel, triggering $96 million in liquidations. If BTC holds above $68,000, next targets are $71,500 and $74,000. Short-term momentum is supported by the 50- and 100-period EMAs compressing beneath the price on the one-hour chart.

Retail investor demand supports the breakout, with small wallets accumulating $613 million in February. Mid-sized wallets added $300 million, while whale wallets stabilized after aggressive distribution. For the rally to continue, whale buying must return, and the short-term holder SOPR needs to move back above 1.

The short-term holder SOPR fell to its lowest level since November 2022, indicating fragile conviction despite the rebound. This article does not offer investment advice. Readers should conduct their own research and be aware of the risks involved in trading and investing.

Read more at Cointelegraph: Bitcoin Pushes Above $69K as Retail Bulls Show Intent