Bitcoin fell hard before recovering as prices plummeted below $95,000, retreating below $94,600 and even as low as $93,395. But buyers emerged at around $94,000, halting the decline and allowing BTC to recover fast. Then, the coin started rising again, piercing through pivotal levels that had earlier served as resistance.
Key Resistance Levels Broken As Bulls Step In
Bitcoin didn’t remain down for long. It broke above $94,600 and even broke a bearish trendline at around $94,755. That opened the doors for another break higher. It continued to breach above $96,500 and is now trading inching closer to the $97k level. The 100-hour Simple Moving Average is also below the current price, which is generally a bullish indicator for momentum.
Currently, traders are waiting to see whether BTC will break above $97,000. If that occurs, the next target might be $98,800 or even $100,000. This price level has been a top target for most traders in the last few months.
Whales Add Over 81,000 BTC In Six Weeks
Large holders, or whales, are gaining confidence. Wallets that hold between 10 and 10,000 BTC have accumulated more than 81k BTC in the last six weeks. Such wallets tend to belong to institutions or long-term investors who prefer to buy when prices are relatively stable or low.
As May progresses, Bitcoin’s key stakeholders are mostly moving in the right direction if you’re rooting for $100K $BTC in the near future.
Wallets with the highest correlation with crypto’s overall market health (10-10K BTC wallets) have accumulated a combined 81,338 more… pic.twitter.com/4DKhOwROgx
Meanwhile, smaller holders owning less than 0.1 BTC have sold off 290 BTC in the same period. The difference in behavior between large and small holders is catching attention. In the past, similar trends have been followed by strong price surges. $734M In Shorts Wiped Out
Many short sellers who were making bets on lower prices got caught out around $95,600. Coinglass analytics indicate that short positions exceeding $730 million were swept out when Bitcoin broke above that level. It had been resistance for days. But once buyers retook it, the price exploded and traded as high as $97,200.
That move lifted morale among bullish traders and generated fresh momentum within the market. Further liquidations might occur if BTC continues to climb.Derivatives Reflect Bulls in Charge
The derivatives market is likewise turning bullish. Coinglass indicates long positions come out at approximately $2.14 billion, versus $2 billion in short positions. That discrepancy won’t be gigantic, but it’s sufficient to tip the balance towards the bulls.
If Bitcoin cannot remain above $97,750, then it could fall slightly. Support is approximately $96,650. If that gives way, then it could move down to $95,400 or $95,200. Further support awaits at $94,400 and then $93,100. But for now, the sentiment is upbeat, and everyone is watching that $100K barrier.
Featured image from Gemini Imagen, chart from TradingView
