Bitcoin Struggles with Resistance as 1.76 Million BTC Cluster Forms

Bitcoin is facing significant resistance in the $94,500 zone. Attempts to surpass this level have been met with repeated rejections, indicating strong selling pressure.

Key points include:

On-chain data shows notable whale accumulation on exchanges, suggesting underlying bullish sentiment.
Resistance is concentrated between $94,125 and $99,150, with around 2.61 million addresses holding approximately 1.76 million BTC in this range.
A decisive close above $96,600 could facilitate movement towards $99,150 and potentially target $100,000.
Failure to breach this resistance may lead to retests of support levels around $93,000 and $84,000.

Despite current challenges, analysts believe Bitcoin's bullish structure remains intact. A long-term price target of approximately $125,000 is still considered valid based on a prominent Inverse Head and Shoulders pattern observed on the monthly chart.

Currently, Bitcoin trades at $94,147.