Bitcoin’s price stabilises around $94,000 after falling from $98,000. Institutional interest surges, with BlackRock purchasing $2.5 billion in BTC. However, whale sell-offs are noted as balances on Binance hit multi-year lows. Despite current weakness, analysts predict a pullback followed by a potential rise to $100,000.
Bitcoin’s price has dropped significantly from a recent high of $98,000, settling around $94,000. The trading volume has notably spiked above $20 billion, up from nearly $15 billion, indicating heightened activity in the market. This uptick in volume shows increasing interest from both whales and institutional investors, even as Bitcoin experiences a breakdown from its previous trading pattern, which may signal recovery following a pullback.
After the market’s recovery post-Liberation Day setbacks, institutional interest in Bitcoin is once again on the rise. There has been a noteworthy inflow into spot ETFs, led by BlackRock, which recently acquired $2.5 billion in Bitcoin, totalling over 41,452 BTC in just the past weeks. In contrast to this institutional buying spree, however, many whales seem to be offloading their holdings.
Recent data from Santiment, an analytics platform, reveals that wallets holding between 1,000 and 10,000 BTC have decreased slightly from 4.56 million to 4.52 million over the last ten days. This trend seems particularly pronounced among U.S. based whales, as the Coinbase premium has started to slide once more. Additionally, Bitcoin balances on Binance have reached multi-year lows, raising the spectre of a potential supply shock in the forthcoming weeks.
Currently, Bitcoin’s price trajectory appears shaky after its latest rejection, indicating that it must reclaim the local highs if a bullish trend is to resume. Before any significant price movement occurs, a small pullback seems expected, as market participants await further developments.
When looking at the daily price chart, Bitcoin has broken out from a rising wedge after hitting the peak of its consolidation phase. The MACD indicator is showing increased selling pressure, while the Chaikin Money Flow (CMF) suggests a positive shift in money flow. If Bitcoin drops slightly below $92,000, a recovery towards $100,000 appears imminent. The outlook remains optimistic, with predictions indicating Bitcoin could sustain an upward trend and potentially establish new price highs.
