Bitcoin’s Whale Accumulation Suggests Potential Breakout Past $85.3K Resistance
The post Bitcoin’s Whale Accumulation Suggests Potential Breakout Past $85.3K Resistance appeared on BitcoinEthereumNews.com.
Recent patterns in whale accumulation and persistent low volatility are indicating a potential breakout for Bitcoin [BTC] as it approaches key resistance levels. With whale wallets now controlling 67.77% of the total Bitcoin supply, the sentiment among significant stakeholders remains bullish despite market fluctuations. “The contrast between long-term accumulation and short-term hesitation raises the question—will this wave of whale demand drive the next breakout?” said a COINOTAG analyst. This article explores Bitcoin’s current market dynamics, focusing on whale activities, resistance levels, and potential breakout scenarios as BTC approaches critical price points. Can bulls ignite a run to $92K? Bitcoin’s price action is now approaching a decisive technical juncture, as bulls challenge the daily EMA 50 resistance at $85.3K. Recent chart patterns indicate that the asset has broken out of a descending wedge, often seen as a bullish reversal signal. However, the ongoing uptrend remains unconfirmed until BTC secures a clean close above the EMA 50. A successful reclaim of this level could open the path to $92K, aligning with projected targets from the current technical setup. Therefore, upcoming price movement will be pivotal in establishing short-term direction. Source: TradingView A potential resistance cluster? On-chain data adds critical insight into Bitcoin’s price action. Currently, approximately 81.79% of Bitcoin holders are in profit, signifying strong hands amid market fluctuations. However, many addresses acquired BTC between $86.1K and $213K, creating a significant resistance cluster just above current price levels. This suggests that while Bitcoin possesses robust structural support, the $86K–$92K zone may attract increased selling from holders aiming to recover their investments or take profits. As a result, bullish momentum will be essential to breach this resistance and sustain upward movement. Source: IntoTheBlock Bitcoin’s brewing momentum On-chain indicators continue to bolster the bullish narrative for Bitcoin. The Puell Multiple stands at 0.99, indicating…
Filed under: News - @ April 20, 2025 1:14 am