Bitcoin Price Breaks Resistance: Whale Activity Signals Potential Growth to $95,000

Bitcoin price surpasses $87,000, breaking key resistance levels. Whales are accumulating more BTC, with over 60 new addresses of 1,000+ BTC appearing recently. Market analysts predict an approaching rally toward $95,000, amid increasing whale activity indicating bullish sentiment.

Bitcoin’s price has recently exceeded a significant resistance level despite facing previous rejections. Starting April 13, BTC struggled near its 200-day Exponential Moving Average at $85,000 but successfully reached $87,457, reflecting a 2% increase at the outset of the week.

The current upward trajectory places BTC in a position to contest the key psychological barrier of $90,000. A successful move past this threshold could lead to a renewed trend towards the elusive $95,000 marker last observed on March 2. Technical indicators, particularly the 4-hour Relative Strength Index (RSI) at 72.93, showcase bullish market momentum, yet caution investors regarding potential overbought conditions.

Notably, BTC whale activity has intensified, with over 60 new addresses capable of holding 1,000 BTC emerging from March to April. This surge indicates bullish sentiment among major investors, as the total number of whale addresses surpassed 2,107 this month, closely mirroring signal patterns typical before price increases.

Analysts suggest that Bitcoin is exiting its previous exchange pattern, potentially reaching new heights in the near future. With whales actively accumulating Bitcoin, there is optimism for substantial growth leading into May, promoting the speculation of crossing the six-figure milestone.

Conversely, smaller holders of Bitcoin (1-10 BTC) are losing market leverage as whales increase their dominance through larger acquisitions. With many significant investors capitalising on lower prices, the balance of power in the market has shifted towards whales, who are building positions amidst fluctuating prices.

In summary, while smaller holders are struggling, the support from Bitcoin whales indicates a potential for significant market shifts. Continued accumulation by these larger players suggests a resurgence might be on the horizon as the overall market sentiment strengthens.