Bitcoin Eyes $92K Amid Whale Control and Profit Surge
Key Takeaways
- 81.79% of all Bitcoin holders are currently in profit.
- Large investors (“whales”) now control 67.77% of the total BTC supply.
- The Bitcoin price is approaching a technical resistance level at USD 85,300.
- A breakout above USD 86,000 could pave the way toward USD 92,000.
- On-chain data points to a bullish market structure – but short-term caution remains.
Whales Bet on Bitcoin – Institutional Confidence Is Growing
Since March 22, wallets holding between 10 and 10,000 BTC have accumulated over 53,600 Bitcoin. These addresses – often institutional investors or long-time market participants – now hold 67.77% of the total circulating supply. This indicates long-term confidence in the cryptocurrency, despite recent price fluctuations.
Technical Outlook: Resistance at USD 85,300 in Focus
The current price stands at approximately USD 85,346. This brings Bitcoin close to a key technical level: the 50-day exponential moving average (EMA50), which sits at USD 85,300 and is considered a short-term resistance. A sustained close above this level could open the door for a move toward USD 92,000.
Previously, Bitcoin broke out of a falling wedge pattern to the upside – a formation that often signals a bullish reversal. However, confirmation is still lacking as long as the price doesn’t stay above the EMA50.
On-Chain Data Shows Strength – But Also Challenges
According to recent blockchain data, 81.79% of BTC addresses are in profit. This suggests a strong market structure. At the same time, there appears to be a potential resistance zone between USD 86,100 and USD 213,000. Many investors bought within this range and could take profits if the price revisits this area. This could dampen upward momentum.
Indicators Suggest Possible Price Movement
Several metrics support the bullish scenario:
- Puell Multiple: At a value of 0.99, this indicator remains well below the overheating zone, suggesting further upside potential.
- Exchange Reserves: BTC balances on trading platforms continue to decline – a sign of reduced selling pressure.
- Volatility: Currently at just 2.72%. Historically, low volatility often precedes major price moves.
- Crypto Bull Run Index (CBBI): A reading of 66.55 indicates optimism, but not yet euphoria.
This combination of technical setup, strong accumulation, and favourable on-chain data points to an impending directional move.
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Our Assessment
Bitcoin is at a critical juncture. Strong demand from large investors, declining exchange reserves, and stable on-chain data suggest that a breakout may be imminent. The key will be whether the price can sustainably break above the USD 85,300 mark. If successful, a rise to USD 92,000 is realistic.
However, short-term caution is warranted: many investors may take profits in the USD 86,000 to USD 92,000 range. This zone represents both a psychological and technical hurdle. Those invested should closely monitor price developments in the coming days.
Sources
- TradingView
- IntoTheBlock
- CoinGlass
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