After recovering from a recent dip, Bitcoin is edging closer to the $110,000 mark. The top cryptocurrency had fallen from its all-time high of $111,970.17 to as low as $106,000, raising concerns of a broader correction.
However, the digital asset shows signs of strength, with current trading levels around $110,057, according to CoinMarketCap. This marks a 2.2 percent gain in the last 24 hours, and market analysts are watching closely to see if Bitcoin can break past the $110,000 resistance level.
Momentum in the market is mainly driven by continued accumulation from whales. Despite short-term volatility, large holders are buying more Bitcoin, reflecting confidence in the long-term outlook. Activity from key industry figures, including outspoken Bitcoin supporter Robert Kiyosaki, has added to the renewed optimism.
Source: CoinMarketCap
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Whale Activity and Institutional Demand Signal Strong Underlying Support
Long-term holders are not showing signs of selling, which reduces pressure on the market and supports price stability. This behavior has helped ease fears that the recent bounce is a dead cat bounce. Instead, many are seeing it as part of a broader upward trend.
Big institutions, like Strategy Inc., led by Michael Saylor, have remained firm since introducing Bitcoin to their portfolios. By continuing to buy, investors are increasing demand, which remains high because of the limited number of available NFTs.
Price discovery is still taking place for Bitcoin as the market enters an entirely new level after surpassing its all-time high. Eyes are now on the $111,000 to $112,000 level to see the next direction the market could move in.
Many experts, including Samson Mow, have predicted that Bitcoin’s price could reach $1 million in the distant future. Although these predictions are not certain, the ongoing increase in holdings suggests another big increase could occur if everything goes as planned.
The move past $109,000 shows that investors are gaining confidence in the market. Whales and institutions buying strongly suggest the market is readying for a bigger advance, possibly leading to another breakout above its previous highs.
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