With whale accumulation rising and ETF inflows boosting demand, the path to $100K remains in sight as Bitcoin price loses footing and falls below last week’s high. Read on to understand what has happened to the cryptocurrency.
With the price of Bitcoin standing at roughly $94,339, it had to undergo a 1.6% intraday downward pressure from the previous session. Despite the drop, Bitcoin continues its strong hourly momentum, appreciating by almost 47.8% after hitting nearly $63,800 in May 2024. The 24-hour trading range for this cryptocurrency floats between an intraday low of $93,804 and a high of $96,112.
This price movement represents a consolidation below key technical areas, with the crypto market digesting new macroeconomic signals, institutional activities, and changing investor sentiments.
Much of the pressure behind Bitcoin's long-term momentum comes from institutional adoption. Global approval and rapid acceptance of Bitcoin ETFs have drawn pension funds, hedge funds, asset managers, and many others.
These ETFs essentially provide the investor's exposure to Bitcoin without having to deal with the actual crypto, hence decreasing the entry barrier for a typical investor. As institutional investors have begun to look more actively toward inflation-hedged, non-correlated assets, Bitcoin appears to be increasingly viewed as an alternative option. Such ETF inflows eventually decrease liquidity on exchanges, which in turn exerts medium-term upward price pressure on Bitcoin.
Blockchain analysis shows a substantial on-chain behavioural change, especially from whales, wallets that hold more than 1,000 BTC. Recently, a large investor withdrew 500 BTC (valued at over US$47 million) from Binance and moved it to a new cold wallet. This suggests a strategy aligned with long-term holding (HODLing), often interpreted as a sign of strong confidence in future price appreciation.
Such movements frequently precede supply crunches, especially when large volumes are removed from liquid trading environments and shifted to long-term storage.
The overall crypto market sentiment remains cautiously optimistic. While the short-term movement shows a dip, market participants continue to see every correction as a buying opportunity. Retail investors, though more reactive to volatility, are gradually returning to the market after a subdued start to the year.
Positive sentiment is supported by growing awareness and education around blockchain technology, as well as increasing acceptance of Bitcoin as a valid asset class among global financial institutions.
Bitcoin faces near-term support in the US$91,500–US$92,000 range. This zone has acted as a cushion multiple times in recent weeks. A sustained close above this support could keep the bullish structure intact and open the door for a rally toward psychological and technical resistance at US$98,000 and US$100,000, respectively.
A breakdown below $91,500, however, could prompt further downside toward the US$88,000–US$89,000 levels, where more significant historical support lies.
Relative Strength Index (RSI): Currently sitting around 42, the RSI suggests that Bitcoin is neither overbought nor oversold. The market is in neutral territory, and momentum could swing in either direction based on macro cues or institutional flows.
Moving Averages: The 50-day moving average stands at US$91,700, offering dynamic support to the price. Meanwhile, the 200-day moving average at US$85,300 reinforces Bitcoin's long-term bullish structure. The fact that current prices remain well above both averages signals that the broader trend remains upward, despite the day's pullback.
Volume Trends: Trading volumes are modest today, which is typical of early-week sessions. A spike in volume accompanying a price move above US$96,500 could validate a fresh rally, whereas declining volume amid price weakness may indicate a short-term pause or consolidation.
Bitcoin continues to benefit from macroeconomic uncertainties. Central banks around the world are cautiously adjusting their monetary policies in the face of slowing growth and persistent inflationary concerns. The U.S. Federal Reserve and the European Central Bank remain non-committal on aggressive rate cuts, but liquidity remains ample in markets, supporting risk-on sentiment.
In emerging markets, including Latin America and parts of Asia, weakening local currencies are prompting retail and institutional investors to consider Bitcoin as a store of value.
Geopolitical uncertainty—especially in Eastern Europe and Southeast Asia—is also pushing investors toward decentralized and sovereign-free financial instruments like Bitcoin.
Regulation continues to evolve favorably. Several jurisdictions have rolled out clear frameworks for cryptocurrency taxation, KYC norms, and trading guidelines. Notably, India, Singapore, and the UAE have seen increased institutional participation as regulatory clarity improves.
In the U.S., the Securities and Exchange Commission (SEC) has softened its stance, especially following court directives, enabling broader adoption of crypto-linked financial products.
The narrative around Bitcoin has thus shifted from being a speculative vehicle to a credible alternative asset class, much like gold or U.S. Treasuries.
No medium- to long-term rally outlook is envisaged for Bitcoin by many analysts; in fact, forecasts suggest that, under favorable macroeconomic conditions and with further accretion in institutional interest, Bitcoin might get tested between US$100,000 and US$120,000 in the immediate next two quarters.
Technical strategist Michaël van de Poppe pointed out that Bitcoin must respect the US$91,500–$92,000 zone and sustain a base for the generation of new highs, maybe up to US$110,000. Failing to respect this zone may simply drag Bitcoin toward lengthy consolidation or return down to stronger support near US$85,000.
As supply dynamics start to get tightened and demand remains resilient, crypto hedge fund managers believe this halving event in 2026 is already priced in.
Bitcoin, at present, finds itself in a key place. With today showing curtain-price action dipping a little to US$94,339, the longer-term view remains bullish structurally. Key technical supports are still there, institutional demand remains strong, while the macro backdrop still favors decentralized and inflation-resistant assets.
With regulatory clarity improving and investor sentiment gradually strengthening, Bitcoin seems to be well poised for yet another leg higher within this ongoing rally. However, all market participants should remain cautious because cryptocurrency markets can always be quite volatile and are very sensitive to both technical and external shocks. As the remainder of the trading day shapes up, all eyes will again be on whether Bitcoin should attempt to hit intraday highs or test its supports. Either way, Bitcoin continues to assert its role as a dominant force in global financial markets.