Bitcoin (BTC) has demonstrated remarkable resilience, jumping to $85,020 in the last 24 hours with a 1.2% gain that effectively reverses recent losses. This price action comes as Bitcoin holders continue showing strong conviction, with technical indicators suggesting a potential push toward the coveted $100,000 mark.
Technical Analysis Points to Bullish Momentum
The flagship cryptocurrency is testing a critical resistance level dating back to its January peak of $110,000. Despite showing a 3.4% weekly decline and a 9.5% monthly drawdown, multiple technical indicators are aligning to suggest a potential breakout:
- The Relative Strength Index (RSI) has bounced off support, indicating building momentum
- A strong daily candle has completely erased three days of previous losses
- The 50-day moving average convergence with current price levels provides additional support
Whale Accumulation Signals Growing Institutional Confidence
On-chain data from Santiment reveals significant accumulation by large holders, with wallets holding 1,000-10,000 BTC reaching 1,993 by March 31 – the highest level since December 2024. This 2.5% increase over five weeks, adding 50 new large wallets, suggests growing institutional confidence in Bitcoin’s long-term prospects.
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Exchange Outflows Support Bullish Thesis
Supporting the bullish outlook, Bitcoin’s exchange flows show a significant 38% reduction in net flows over the past 24 hours. According to IntoTheBlock analytics, this trend suggests investors are moving their holdings to cold storage rather than preparing to sell, typically a precursor to price appreciation.
Path to $100,000
Market analysts have identified several key factors that could drive Bitcoin to the $100,000 milestone:
- Breaking above the current resistance level could trigger a cascade of buy orders
- The 2.0 Fibonacci extension level aligns with the $100,000 target
- Whale accumulation is reducing available supply on exchanges
- Technical indicators suggest building momentum for a breakout
FAQ
When could Bitcoin reach $100,000?
Analysts suggest a breakthrough of current resistance levels could trigger a rapid move toward $100,000, potentially within Q2 2025.
What are the key resistance levels to watch?
The primary resistance zone lies at the falling trend line from January, coinciding with the 50-day moving average.
How significant is the whale accumulation?
The increase to 1,993 large wallets holding 1,000-10,000 BTC represents the highest level since December 2024, indicating strong institutional confidence.