Bitcoin Price Rises to $85,020 as Analysts Target $100,000

Bitcoin prices rose to $85,020, a 1.2% increase, reversing recent downward trends. The cryptocurrency is testing a key resistance level established at its January peak of $110,000.

Signs Of A Rebound Emerging

Bitcoin has dropped 3.4% over the past week and 9.5% in the last month.
Technical analysts noted a strong one-day price candle erasing losses from previous days.
The Relative Strength Index (RSI) suggests potential upward momentum.
Resistance at the falling trend line since January 20 coincides with the 50-day moving average.

$100,000 Target Within Reach If Resistance Breaks

A break above current resistance could target just below $100,000.
This target aligns with February's barrier zone and the 2.0 Fibonacci extension level.
The fifth test of this resistance will be critical for Bitcoin’s near-term direction.

Large Holders Show Growing Confidence In Bitcoin

Wallets holding 1,000 to 10,000 Bitcoins increased to 1,993 as of March 31.
This represents a 2.5% rise in five weeks, indicating growing accumulation among large holders.
Decreased supply from these wallets can lead to higher prices if demand remains constant or increases.

Exchange Outflows Signal Short-Term Bullish Outlook

Net flows of Bitcoin to and from exchanges dropped by 38% in the last 24 hours.
This indicates traders are moving Bitcoin off exchanges, suggesting a bullish sentiment.

Market activity continues to suggest potential upward trends for Bitcoin amid changing dynamics.