Key Points
- Bitcoin’s price has established a significant support level around $96.2K and is primed for a 7% surge towards an all-time high.
- Bitcoin whales are relentlessly accumulating, betting on an inevitable rise of Bitcoin towards a new all-time high.
Bitcoin’s price has found a strong support level at approximately $96.2K over the last few days.
In the past 24 hours, the leading cryptocurrency has rebounded nearly 2%, trading above $98.1K during the mid-London session on Thursday, February 6.
Bitcoin’s Potential Bullish Breakout
This rebound has pushed the price of Bitcoin above the four-hour falling logarithmic trend, indicating a possible bullish breakout towards an all-time high soon.
In the daily time frame, Bitcoin’s price has formed a horizontal consolidation channel with the upper and lower borders at about $108.4K and $91.4K respectively.
After bouncing back from the lower border of the multi-week consolidation earlier this week, Bitcoin’s price has been forming a bullish pennant in the last few days.
A consistent bullish breakout above the 4-hour falling logarithmic trend could result in at least a 7% rally towards the all-time high.
However, if the support level around $96.2K is breached, the bullish sentiment for the BTC price will be invalidated.
In case of further correction for BTC price, the support level above $91.4K is likely to hold in preparation for the exciting phase of the 2025 bull run.
Bitcoin Whales Continue to Accumulate
As the global trade war via tariffs, instigated by Donald Trump, worsens the short-term macroeconomic outlook, the cryptocurrency market has experienced bearish sentiment.
This bearish sentiment has led to heavy crypto liquidations in the past few days, pushing more retail traders to the stablecoins market.
On-chain data analysis provided by Santiment shows that whale investors, with a balance of at least 100 BTCs, have increased by 135 in February.
Conversely, small retail traders, with an account balance of less than 100 BTCs, have declined by 138,680 wallets since the start of February.
Santiment noted that this is an ideal setup for crypto market caps to rise, even if it takes a few more weeks (or even months) to see the generally bullish impact of coins being absorbed by whales.
Among the whale investors betting on an inevitable rise of Bitcoin towards a new all-time high in the near future are the US spot BTC ETF issuers.
Furthermore, Bitcoin’s price has been showing a positive correlation with Gold and major stock indexes in the long term.
With Gold’s price having rallied to a new all-time high of about $2,881 on Wednesday, the chances of Bitcoin’s price following the same path in the coming weeks have significantly increased.
As a result, BlackRock’s IBIT has led other spot BTC ETF issuers to accumulate more coins amid the ongoing correction.
On Wednesday, BlackRock’s IBIT recorded a net cash inflow of about $44 million, while Fidelity’s FBTC and WisdomTree Bitcoin Trust (BTCW) registered a net cash inflow of about $10.6M and $11.3M respectively.
