Bitcoin is making a strong recovery, now challenging a key resistance trendline from its January peak. If it breaks through, analysts predict a potential surge toward $100,000.
In the past 24 hours, Bitcoin’s price has climbed 1.2%, now trading at $84,289. This marks a reversal from the past week’s 3.5% decline. However, Bitcoin still reflects a 9.4% loss over the last 30 days.
A TradingView analyst highlighted a powerful daily candle, reclaiming losses from the previous three days. Meanwhile, the Relative Strength Index (RSI) has bounced off a rising support level, signaling potential bullish momentum.
However, Bitcoin now faces major resistance at the falling trendline from January 20, when it hit an all-time high of $110K. This resistance aligns with the 50-day moving average (MA50), marking its fifth test at this level.
If Bitcoin breaks through, the next target is the 2.0 Fibonacci extension, placing a crucial price zone just below $100,000.
Bitcoin Whales Show Confidence
Despite recent price volatility, Bitcoin whales are accumulating more BTC, indicating strong market confidence.
Data from Santiment shows a 2.6% increase in wallets holding 1,000 to 10,000 BTC over the past five weeks. As of March 31, there are now 1,993 such wallets, the highest since December 2024.
When large investors increase their holdings, they reduce available market supply, often leading to higher demand and price gains.
Short-Term Bullish Signals
Recent exchange net flow data further supports bullish sentiment.
🔹 24-hour exchange net flows dropped 37.55%, suggesting investors are holding Bitcoin rather than selling.
🔹 7-day net flow change stands at -5.21%, reinforcing the trend of Bitcoin moving off exchanges.
🔹 30-day net flow data (+37.10%) suggests some long-term selling pressure, aligning with Bitcoin’s recent price drop.
While long-term trends remain uncertain, short-term indicators point toward potential bullish momentum for Bitcoin.
