Bitcoin Recovers to Near $97,000 After Significant Drop

Bitcoin experienced a sharp decline below $95,000, reaching as low as $93,395 before rebounding. Buyers stepped in around $94,000, stabilizing the price and facilitating recovery.

Key Resistance Levels Broken

Bitcoin broke above $94,600 and a bearish trendline at $94,755
Continued rise past $96,500, nearing the $97,000 mark
Traders anticipate a potential break above $97,000 to target $98,800 or $100,000

The 100-hour Simple Moving Average indicates bullish momentum.

Whales Accumulate BTC

Wallets holding between 10 and 10,000 BTC have added over 81,000 BTC in six weeks, indicating confidence among large holders. In contrast, smaller holders (owning less than 0.1 BTC) sold off 290 BTC during the same period, highlighting differing behaviors.

Short Positions Liquidated

Short sellers suffered losses exceeding $734 million when Bitcoin surpassed $95,600, leading to increased market momentum.

Derivatives Market Bullish

Long positions total approximately $2.14 billion against $2 billion in short positions
Support levels identified at $96,650, $95,400, and $94,400
Market sentiment remains positive with focus on the $100K target