Bitcoin Tests $87K: Will it Hit $100K?
Bitcoin Tests $87K Resistance
Bitcoin (BTC) continues its climb, recently trading between $76,300 and $87,500. This tight range suggests a period of accumulation, following a breakout from a descending channel. The current price is around $85,097, showing a 0.68% increase over the last 24 hours.
However, the $87,500 level presents a significant psychological and structural resistance. A decisive break above this could trigger a rally towards $98,000, potentially even reaching $100,000. Until then, expect continued consolidation as buyers gradually absorb selling pressure.
Whale Activity Fuels Confidence
Large-scale institutional investors are actively accumulating BTC. A wallet associated with Abraxas Capital withdrew approximately 2,949 BTC (nearly $250 million) from exchanges over four days. This significant move, including a recent $42.64 million withdrawal from Binance, signals reduced sell pressure and strong conviction.
While exchange inflows are currently high, the stable price suggests these aren’t panic sales. This activity may represent portfolio adjustments or futures trading strategies. Despite the inflows, sell pressure remains low.
Key Metrics:
- In/Out of the Money (IOM): 77.52% of holders are in profit, while only 16.79% are out of the money, indicating limited forced selling.
- NVT Golden Cross: -0.73, far below the overbought threshold of 2.2.
- Stablecoin Supply Ratio (SSR): Increased by 1% to 14.41, suggesting ample liquidity for further price increases.
The Path to $100,000
The current Bitcoin price structure shows strength, fueled by whale accumulation and strategic inflow activity. The $87,500 resistance level serves as a crucial test. The lack of overbought indicators, coupled with strong institutional involvement, points towards a sustainable bullish momentum. A successful break above this resistance could propel Bitcoin to the $90,000–$100,000 range.
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