Bitcoin has managed to hold above the crucial $100,000 mark, with holders continuing to buy whenever the price experiences a dip. The recent rebound has sparked various price predictions from analysts and traders based on their research and insights. Despite the possibility of a future selloff, certain on-chain metrics are on the rise, supporting the current recovery.
Over 97% of Holders in Profit
Bitcoin’s breakthrough above $100,000 has significantly shifted market sentiment, aided by easing tensions in the U.S.-China trade conflict. As the price surpassed this key level, many traders who were betting against Bitcoin incurred substantial losses. Coinglass reported liquidations of about $279 million in Bitcoin positions over the past 24 hours, with $243.3 million coming from sellers and $35.7 million from buyers.
While open interest decreased by 3.2% to $67.1 billion, trading volume continued to rise, indicating sustained market activity.
Additionally, the $100K breakout attracted notable institutional interest. Spot Bitcoin ETFs witnessed net inflows of $142.3 million, highlighting strong institutional demand, according to Farside Investors. ARK’s ETF led with $54 million, followed by Fidelity with $39 million and BlackRock with $37 million. BlackRock also made a significant purchase of over 86 BTC worth $8.4 million in a single transaction.
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Data from IntoTheBlock reveals that over 97% of Bitcoin holders are currently in profit following the surge past $100K. While this is encouraging for long-term investors, it could also lead to selling pressure in the short term as holders may opt to cash out their gains.
Simultaneously, whales are contributing to market volatility. The volume of large transactions has seen a sharp increase, rising from $68.45 billion to $72.67 billion, indicating heightened activity among major players.
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Furthermore, the large holder netflow to exchange ratio has surged to 0.17%, indicating that these significant investors are transferring more Bitcoin to exchanges. This behavior often signals that whales are gearing up to sell as the BTC price rises, potentially causing short-term price fluctuations or market swings if selling activity intensifies.
What Lies Ahead for BTC Price?
Bitcoin is resolutely maintaining its buying momentum above the EMA20 trend line, demonstrating that traders remain confident and willing to purchase during price declines. Nevertheless, sellers have encountered minor resistance around $104,360. Currently, BTC is trading at $102,483, marking a 1.13% increase in the last 24 hours.
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There is a slight hurdle around $104K, but a breakthrough could propel Bitcoin towards the crucial $109,500 level. This represents a significant psychological barrier, with sellers likely to make strong attempts to prevent further price increases. If Bitcoin successfully surpasses $110K, a new all-time high could be within reach.
Nonetheless, bears are running out of time. To regain control, they must drive the price below the 20-day moving average and sustain it there. Failure to do so could result in Bitcoin declining further to approximately $93,500, close to the 50-day moving average.
