BTC Price Stabilizes Around $100K, Whales Accumulating, $110K Next?

The Bitcoin market has had recent trading sessions with large-scale investors making large purchases with BTC price showing remarkable gains.

A recognized Bitcoin whale just invested in another 1,000 BTC, worth about $101 million. The same investor had similar large transactions two days ago.

This one saw an acquisition of 1,000 BTC that cost $96.8 million at an average price of $96,794 per BTC. This indicates the possible anticipation of more gains to come.

Bitcoin Price Consolidates around $100K

BTC price recently has shown huge stability, hovering around the $100,000 mark. It comes after a bout of intense volatility during which the cryptocurrency moved up and down, frequently gaining sharp corrections.

The $100,000 consolidation point implies a big buyer presence here, preventing further drops, and setting a new baseline for the possible ups.

Taking a look at analyst opinions, they note that there is ‘full euphoria’ in the market. This means that although we saw positive movement, the market could be over-bull, especially in the short term.

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The expert points out “fake outs” that could be pointing to a breakout, break of resistance, or break down at support that didn’t hold.

According to them, the recent recovery given seems to have been the fake out and if so, it appears it happened below a support level luring bears just before moving back up.

BTC price is approaching a recent rally towards a resistance zone at $104,285.37 according to the expert’s chart.

The price came back to consolidate at a support level of $101,901.83 after a dip, making it worth noting. The resistance might be a turning point for the projected rally to $110,000.

Will Bitcoin Break Out of Consolidation?

After all the rapid ascents and descents in earlier months, Bitcoin is apparently within a wider price range of this psychologically significant price point with reduced volatility.

This behavior is indicative of a growing maturation of the market. This is where less panic selling and more strategic buying emerge as participants become used to Bitcoin trading at ever higher baseline prices.

On 1 hour BTC/USD charts we see the current price around $100,093.90, having recently hit $100,349.77 and $100,008.85 low.

The chart above shows a consolidation zone where Bitcoin price ranges between approx $100,000 and $101,000.

This means price stability within that narrow range without bulls or bears in charge for a period of indecision from the traders.

The stables are relatively low volumes at the bottom of the chart with a few spikes and peaks. The green bars denote buying volume and the red represents selling volume.

More importantly, the selling volume has been relatively light and could be a good sign if there is a spike in buyer momentum leading to increased upward movement.

The movement in the consolidation range is not too aggressive suggesting that maybe the traders are waiting for some heavy external freight or market event to make a more decisive move.

It can often break out or break out based on sharp market sentiment or news that is breaking.

Further upward momentum could be triggered if the BTC price breaks above the $101,000 resistance and buying pressure increases.

The bullish sentiment in the market is likely to eventually carry the trajectory to $110K considering the current market conditions.

Bitcoin could climb to the $110,000 mark if BTC price maintains its support level and raises its way through the succeeding resistance around $105,000.