Bitcoin has been holding strong above the crucial $100,000 mark, with holders continuing to buy whenever the price dips. This resilience has led to various predictions from analysts and traders regarding future price targets, based on their research and opinions. Despite the possibility of a selloff, key on-chain metrics are showing signs of a recovery.
Over 97% of Bitcoin holders are now in profit after the recent surge past $100,000. This shift in market sentiment has been fueled by easing tensions in the U.S.-China trade situation. Traders who were betting against Bitcoin took heavy losses as the price broke this key level, resulting in about $279 million in Bitcoin positions being liquidated in the past 24 hours. Institutional interest in Bitcoin has also been on the rise, with significant inflows into spot Bitcoin ETFs from firms like ARK, Fidelity, and BlackRock.
Despite the positive sentiment among holders, the increase in large transactions and the rise in the large holder netflow to exchange ratio suggest that whales are preparing to sell, which could lead to short-term price drops or market swings. The ongoing buying demand above the EMA20 trend line indicates that traders are still confident in Bitcoin, although sellers have put up some resistance around $104,360.
As of the latest data, Bitcoin is trading at $102,483, showing a 1.13% surge in the last 24 hours. There is minor resistance at $104,000, but if Bitcoin manages to break through, it could target the key $109,500 level. This level is a significant psychological barrier, and sellers are likely to try to prevent the price from moving higher. If Bitcoin surpasses $110,000, it could potentially reach a new all-time high.
On the flip side, bears need to push the price below the 20-day moving average to regain control. A sustained drop below this level could see Bitcoin falling further towards $93,500, near the 50-day moving average. Overall, the market sentiment remains positive, but traders should remain cautious of potential market swings as whales continue to increase their activity.