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Bitcoin (BTC) 
$102,885 is facing difficulty breaking the $92,000 threshold mid-week. Uncertainties in U.S. trade policies and cautious attitudes from institutional investors have limited upward movements. A noticeable decline in whale transactions signals decreased market appetite, with institutional players waiting for clearer macroeconomic signals.
Whale Transactions Drop by 30%
At the beginning of the week, Bitcoin gained momentum, rising from $81,480 to $91,860. However, it failed to surpass the $92,000 resistance within the daily timeframe, leading to price retraction. On-chain data reveals significant drops in trading activities among large investors despite price recovery.
According to data compiled by Santiment, there was a notable decrease in transactions exceeding $1 million, dropping from 3,851 on February 25 to 2,517 by March 5. This reflects a nearly 30% decline in whale activity, which has reduced the momentum for Bitcoin’s upward movement. Should this trend persist, BTC may remain confined within the $85,000 to $92,000 range.
Consequences of Failing to Surpass $92,000
Currently, Bitcoin is trading at $91,709, showing a 4.51% increase over the last 24 hours, yet it struggles to breach the $92,000 resistance. Technical indicators are signaling both potential upward movements and possible pullbacks.
According to the Bollinger Bands, the middle band for Bitcoin is situated at $91,950, extending to $101,689. This suggests significant upward potential if buyers dominate the market. However, if prices decline from this point, a pullback to around $82,210 may occur.
The MACD indicator shows the signal line at -2.291, with the histogram remaining in negative territory at -2.539. However, the decreasing negative momentum of the histogram indicates a potential upward reversal.
If Bitcoin can break the $92,000 level with strong volume, it could rise to $100,000 in the short term. Conversely, failure to breach this resistance and low trading volumes could result in a price drop to $82,000.
