Bitcoin Approaches $97,000 Resistance Amid Increased Whale Accumulation

Bitcoin is approaching the $97,000 resistance level, currently priced at approximately $96,209. Market players are closely monitoring for a breakout.

Whale Accumulation Indicates Confidence

A wallet recently withdrew 568 BTC from Binance at an average price of $96,400, totaling around $55 million.
This behavior often signals long-term confidence as funds move from exchanges to secure custody.
If accumulation trends continue, Bitcoin could reach $99,500.

US Dollar Weakness May Benefit Bitcoin

The US Dollar Index (DXY) shows signs of weakness, indicated by a negative crossover on its MACD.
Historically, Bitcoin performs well when the dollar weakens, potentially aiding BTC in surpassing $97,000.
A strong recovery of the dollar may hinder Bitcoin's upward movement.

Current Market Dynamics

Bitcoin remains in a consolidation phase with resistance at $97,000.
On-chain data reveals a conflict between buyers and sellers, contributing to volatility.
A breakout above $99,500 could attract more buyers; failure may lead to a decline towards $95,000.

The psychological target is $100,000 if Bitcoin exceeds $97,000, reigniting interest. A robust resistance may prompt a retreat to lower support levels.