Bitcoin Holds Strong as Whales Accumulate Ahead of Major Breakout to $109k
- Bitcoin maintains bullish momentum, holding strong above key support after bouncing from $78K.
- Whales have accumulated $11 billion in BTC, signaling confidence in a potential breakout.
- Traders anticipate a short squeeze, which could push Bitcoin past $90K and beyond.
- If momentum holds, BTC could be on track for a new all-time high above $109K.
Bitcoin (BTC) is on the bullish price trajectory and holding strong above its crucial support level. After hitting its recent low at $78k BTC gains momentum and preparing for next huge leg up. Over the past week, BTC is slightly up by 1.27% showing stability and potential for upward momentum.
Currently, Bitcoin price is changings hands at $87,483 with a 24-hour trading volume of $38.47B, market cap of $1.74T. The BTC price increased by 0.81% in the last 24 hours showing stable market momentum. Bitcoin has gained nearly 5% in 10 days and is pushing to reclaim $90K.
Whales Load Up as Bitcoin Eyes a Breakout
On-chain data from Glassnode reveals that Bitcoin whales have accumulated $11 billion worth of BTC in the last two weeks, indicating strong confidence in an imminent rally. Historically, such large-scale accumulation by deep-pocketed investors has preceded major price breakouts, reinforcing bullish expectations in the market.
With April on the horizon, bullish sentiment is growing stronger. Market participants anticipate a Mega Rally as liquidity flows in, setting the stage for BTCs next leg up.
Traders Brace for a Short Squeeze and Potential New ATH
Following the whales activity and positive price behavior analyst are optimistic and predicting huge gains ahead. A well-known crypto analyst, Captain Faibik, recently pointed out that BTC shorts are on the verge of getting squeezed, paving the way for bulls to regain dominance.
With Bitcoin showing resilience, strong whale accumulation, and increasing bullish sentiment, the stage is set for a potential breakout. If BTC successfully reclaims $90K, it could trigger a wave of fresh buying pressure, pushing the price toward its next major milestone: a new all-time high beyond $109,000.
As April unfolds, Bitcoins trajectory remains a focal point for investors, with eyes set on whether the market can sustain its bullish momentum and deliver another historic rally.
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Text source: TronWeekly
