According to Eric Balchunas, Bitcoin's recent price movement and on-chain metrics suggest a potential bullish trend. Balchunas points out that the increasing number of Bitcoin addresses holding more than 1 BTC indicates strong accumulation, a key factor for a bullish market (source: Eric Balchunas). Traders should watch for resistance levels around $35,000 and support at $30,000 as critical points for market direction. Additionally, the rising interest in Bitcoin ETFs could further fuel price momentum (source: Eric Balchunas).