Bitcoin Surpasses $105,000 as Whales Accumulate Amid Retail Pullback

Analyst Moustache indicates that Bitcoin is poised for a potential price surge, having surpassed $105,000 twice this week. Currently, it trades around $104,000, reflecting a 0.50% increase in the last 24 hours.

RSI Indicators Suggest Rally

Charts show Bitcoin's monthly Relative Strength Index (RSI) often peaks before major price increases:

July 2013: RSI high at $66, Bitcoin surged to nearly $1,120 by November.
May 2017: BTC rose from about $1,300 to $19,700 by December with RSI peak.
April 2021: Bitcoin reached $64,800 as RSI climbed above normal levels.
2024: RSI peaks were noted on March 1 at $73,800 and in November surpassing $100,000.

Whale Accumulation vs. Retail Withdrawal

On-chain data from Santiment shows significant activity among large holders while retail investors reduce positions:

Wallets holding at least 10 BTC increased by 231 addresses in 10 days.
Retail wallets (0.001 to 10 BTC) decreased by 37,460 addresses in the same period.

Market Dynamics and Future Outlook

An overbought RSI does not guarantee immediate price surges; previous cycles saw pauses or corrections. Analysts note that macroeconomic factors, ETF developments, and regulatory changes will influence future movements. Increased whale demand coupled with retail retreat may create upward price pressure but unexpected news could alter this trajectory.