- Despite a 3.56% dip, Bitcoin is eyeing new highs, trading at $95,729 with strong market support.
- Panic selling sent $4 billion to exchanges, but whales quickly accumulated $1.5 billion in BTC, showing institutional confidence.
- BTC is nearing the $99,000 resistance zone, with market observers speculating a potential rally during the holiday season.
Bitcoin (BTC) is again showing resilience, as it now sets its sights on a new high amidst the latest market turbulence. In the last week, BTC has also fallen 3.56% in price. However, the narrative is still very bullish as institutional players and market watchers gear up for what might be a historic move.
At the time of writing, BTC changes hands at $95,729, with a strong 24-hour trading volume of $73.35 billion and a market cap of $1.89 trillion. Gaining 0.38% in the last day, Bitcoin’s dominance over the crypto market is strong at 56.33%.
Bitcoin Panic Selling Meets Whale Opportunism
The latest bout of panic selling by short-term investors saw close to $4 billion worth of BTC flow to exchanges and set unease into the market. The heavyweights in the market-Whales-rapidly stocked up on about $1.5 billion in BTC during the bottom. According to CryptoQuant, 16,000 BTC flowed into whale wallets in one day this Tuesday alone-a big on-chain accumulation.
Interestingly, this accumulation reflects only the activity observed in institutional wallets, indicating an even greater amount may rest in exchange accounts, poised to make their way off-chain. While this spike in whale activity underlines confidence amongst institutional players, wider participation by retail is what remains required to create a rally across the board.
Bitcoin Poised for $99K Push
Market observers are now speculating on Bitcoin’s next trajectory. Some believe the cryptocurrency is on the brink of a Thanksgiving rally. The festive season has historically brought increased attention to BTC, with discussions around dinner tables often sparking renewed interest. A prominent market watcher suggests this could push BTC toward $99,000 in the coming days.
Supporting this view, the technical indicators of Bitcoin flash strength as the price bounces off the $91,000-$93,000 range and inches closer to the $98,000-$99,000 supply zone. If Bitcoin gets rejected around this resistance level, then a revisit to the lower range of $91,000-$93,000 is possible, or even an extended correction.
Bitcoin’s next steps will depend on a very crucial mix of retail enthusiasm and institutional confidence. Whales have shown their hand, but a broader rally will need more meaning from across the market. For now, all eyes are on Bitcoin’s price action as it inches closer to rewriting history.
Related | Ethereum’s Profitable Run Hits 90.8%, Highest Since June
