The post Bitcoin on the brink of $98K: Will these 2 factors ignite BTC’s rally? appeared on BitcoinEthereumNews.com.

Whale accumulation of over 43,100 BTC and falling exchange reserves signal bullish strength. Bitcoin’s ascending triangle and rising network activity support a potential breakout toward $98K. Bitcoin’s [BTC] MVRV ratio has recently formed a golden cross with its 365-day SMA, a pattern that historically precedes major bullish rallies.  At the same time, price hovered just below key resistance, with bulls intensifying accumulation. At press time, BTC traded at $94,650.57, slightly down 0.18% on the day. Therefore, the convergence of technical and on-chain signals is raising expectations for a breakout. A key question now is whether this setup can propel BTC beyond $95.3K and toward the $98K target. Are whales quietly preparing Bitcoin for lift-off? Over the past two weeks, whales acquired 43,100 BTC, increasing their holdings from 3.498 million to 3.541 million BTC. This aggressive accumulation, worth nearly $4 billion, signals strong conviction among large investors and typically foreshadows bullish momentum. Besides, such buying during consolidation reflects long-term confidence rather than short-term speculation. Therefore, this surge in whale activity adds significant upside pressure and reinforces the potential for a breakout.  In fact, past rallies have often followed such accumulation phases, especially when prices flirted with resistance zones. Source: X | Ali Charts Will shrinking exchange reserves trigger a supply squeeze? On top of that, Exchange Reserves declined by 2.33% in just seven days, now resting at 2.48 million BTC. This sustained decline confirms that fewer coins remain available for sale on centralized exchanges.  When combined with increased accumulation, this trend often indicates a tightening supply dynamic that can amplify price surges. Therefore, the probability of a supply-driven breakout increases as reserves continue to decline.  Source: CryptoQuant Is BTC on the verge of breaking past $95.3K? Bitcoin was forming an ascending triangle on the 4-hour chart at press time, with price…

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Filed under: News - @ April 30, 2025 3:27 pm