Bitcoin Price Establishes Support at $96.2K, Eyes 7% Rally
Bitcoin price has established a support level around $96.2K and rebounded nearly 2% in the past 24 hours, trading above $98.1K. This rebound suggests a potential bullish breakout toward an all-time high.
Key points:
- Daily consolidation channel ranges from $91.4K to $108.4K.
- A bullish pennant pattern is forming after rebounding from the lower border.
- A breakout above the 4-hour falling trend could lead to a 7% rally.
- If the support at $96.2K is breached, bullish sentiment will be invalidated.
- Support above $91.4K may hold for the upcoming 2025 bull run.
Whale Accumulation
Despite bearish market sentiment due to macroeconomic factors, whale investors are accumulating Bitcoin. Key statistics include:
- Whales (100 BTC or more) increased by 135 in February.
- Small retail traders declined by 138,680 wallets since early February.
- BlackRock’s IBIT saw a net cash inflow of $44 million.
- Fidelity’s FBTC and WisdomTree Bitcoin Trust recorded inflows of $10.6M and $11.3M respectively.
The positive correlation between Bitcoin and Gold, along with the recent rise in Gold prices to about $2,881, increases the likelihood of Bitcoin following suit in the coming weeks.