Bitcoin Price Approaches $98.5K Resistance Amid Increased Whale Activity
Bitcoin price increased over 3% in two days, testing resistance between $98.4K and $98.8K, trading around $98.2K as of February 22. The fear and greed index rose from 49% to 55%. The Relative Strength Index (RSI) surpassed 50%, indicating bullish sentiment, but Bitcoin remains in a correction phase since January.
- BTC consolidating in a channel between $108K and $91K
- Potential double top pattern with bearish RSI divergence
- To negate short-term bearish sentiment, BTC must close above $99.5K
- Otherwise, a retest of the $91K support level is likely
Bitcoin Network Sees Increased Whale Activity
Demand for Bitcoin is rising with global liquidity. On-chain analysis shows 73% of holders haven't sold for over a year. Transactions over $100K rose from 6.5K to about 10K, indicating whale activity.
- Supply on centralized exchanges decreased by approximately 2,971 coins to 2.23 million
- US spot Bitcoin ETFs experienced a net cash outflow of about $364 million recently
- Large entities show signs of distribution or lack of accumulation
- Whales may shift focus to altcoins like Ethereum, XRP, and Litecoin