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Bitcoin Eyes $110K as Bulls Defend $100K Support

Bitcoin (BTC) has remained steady above $100,000 for the past three days, showing resilience despite market volatility. A golden cross has formed on BTC’s Exponential Moving Average (EMA) lines, signaling a potential bullish breakout if resistance levels are breached.

However, BTC has struggled to break past $106,000. If it fails, a pullback to lower support levels could follow. The coming days will be crucial in determining whether BTC can push toward $110,000 or face a correction.

Bitcoin’s Ichimoku Cloud Indicates Mixed Signals

BTC Ichimoku Cloud. Source: TradingView

The Ichimoku Cloud chart presents a mixed outlook for Bitcoin.

  • BTC is trading above the Tenkan-sen (blue line), suggesting short-term bullish momentum.
  • The Kijun-sen (red line) is slightly lower, signaling a potential trend continuation if BTC stays above it.
  • The Chikou Span (green lagging line) sits above past price action, reinforcing a bullish bias.

However, the Kumo (cloud) is thin, meaning weaker support and resistance ahead. The cloud is transitioning from red to green, often signaling a bullish shift, but the flat Senkou Span B (red boundary) suggests hesitation.

If BTC stays above the cloud, the bullish outlook strengthens. But if it dips back into the cloud, the market could enter a consolidation phase.

Whale Activity Hits Year-Low but Shows Signs of Recovery

Between January 22 and January 29, the number of Bitcoin whales (holding at least 1,000 BTC) dropped from 2,061 to 2,034, reaching the lowest level since February 2024. This suggested reduced confidence among large holders, possibly due to profit-taking.

Number of addresses holding at least 1,000 BTC. Source: Glassnode

However, whale numbers are rising again, now at 2,039. Although still low compared to previous months, this uptick could signal renewed accumulation, which may support BTC’s price in the near term.

Whale activity is a key market indicator since large holders can drive price movements. If this trend continues, BTC could see stronger buying pressure.

BTC Price Prediction: Will Bitcoin Hit $110K?

https://twitter.com/rektcapital/status/1885361408524587074

BTC’s golden cross suggests bullish potential, but $106,000 remains a key barrier. If BTC breaks through, it could test $107,000. A successful breakout could push BTC to $108,000, with momentum possibly driving it toward $110,000, setting a new all-time high.

On the bearish side, if BTC fails to hold $101,296, selling pressure could push it down to $99,486. A deeper drop could test $95,800, where buyers might step in to prevent further losses.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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