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Bitcoin 
$105,584 continues to confuse traders with its volatile price movements since the beginning of the year. After reaching its last all-time high of approximately $109,000, BTC has experienced a downward trend; however, it managed to surpass the resistance level of $88,500 and climbed to $94,000. There is a belief that the upward momentum is still alive, but significant uncertainty looms over the market direction.
Whales and Institutions Take Action
According to Glassnode data, wallets holding over 10,000 BTC have made notable purchases recently. The accumulation rate at this level has not been seen since before 2020, indicating that large investors are regaining confidence in the market.
Wallets holding between 1,000 and 10,000 BTC are also steadily accumulating Bitcoin. Both individual and institutional investors are participating in this trend, with inflows into Spot Bitcoin ETFs nearing $1 billion during the last trading day. This figure marks the highest daily inflow recorded since November.
Bitcoin Price Analysis and Commentary
One of the most striking indicators in the market is the long/short ratio, which sits at 0.9841. This ratio highlights a strong inclination among traders towards dual-direction positions. Long positions account for 49.56%, while short positions slightly lead at 50.4%. The maintenance of this balance is seen as another sign of uncertainty in the market, with many investors divided on whether a breakout will occur. Some anticipate a significant jump, while others view it as a precursor to a correction.
Short-term technical data suggests that Bitcoin is sustaining an upward trend, creating rising lows and highs. However, increasing volatility levels indicate that buying volume is rising, which may put pressure on prices.
The Stochastic RSI has reached the oversold region, which could trigger a new upward move shortly. On the MACD front, a decrease in buying strength and a potential downturn signal are emerging. Even if the price dips below the rising trend line, it could recover from this level and retest the resistance at $96,000.
