The crypto markets are displaying significant strength since the early trading hours, with the prices of most of the tokens remaining inflated. Altcoins like PENGU, XMR, DEEP, etc., and a few more have been attracting double-digit gains, while some are experiencing minor losses. Meanwhile, Bitcoin has sustained above $94,000 as the global trading volume has begun to recover yet again. With the start of the American trade, the buying pressure is increasing and hence, with the rise in positive sentiments, the BTC price is believed to rise above the crucial resistance levels.
A few days before, the bulls utilized all their strength to elevate the BTC price above the consolidation around $85,000. The volume increased from $15 billion to $55 billion, which later began to drop gradually to close to $20 billion. In the times when the spot retail traders have refrained from entering a fresh trade, the whales have begun aggressive accumulation. Ever since the latest rebound, the whales seem to have smelled a fresh bullish case and hence have increased their accumulation.
The data from Glassnode indicates the whales have been aggressively accumulating over the past few days. The number of wallets with a balance over 1000 BTC witnessed a sudden rise from 17.2K to 17.3K, indicating the whales are foreseeing a bullish trajectory for the token. The whales are buying BTC like never before, which suggests a massive price action could be on the horizon. The new whales appear to be more aggressive than the old ones, substantiating the bullish claim.
Is Bitcoin (BTC) Price on Its Way to $100K?
After breaking above the falling wedge, the BTC price surged extensively and surpassed the local resistance at $88,500 and entered a pivotal range between $94,170 and $94,900. The bulls are working hard to keep the rally restricted within the range. Once the bulls accumulate the required strength, the token is expected to trigger a fresh upswing, elevating the levels beyond $100K.
The daily chart of Bitcoin is progressive as the price is closely consolidating around the gains, experiencing equal bullish and bearish pressure. The RSI is about to enter the overbought zone, and the CMF has been maintaining a decent ascending trend. This suggests a significant inflow of money onto the platform. Hence, hinting towards a rise in bullish sentiments within the market. Once the Bitcoin (BTC) price rises above the pivotal resistance at $98,500 to $99,000, rising above $100,000 is imminent.
Credit: Source link