Whales Strike Back: 67.77% of BTC Supply Controlled

In a notable turn in the cryptocurrency landscape, whale wallets now dominate the Bitcoin [BTC] supply, holding a staggering 67.77%. This dominance reinforces a long-term bullish sentiment, even as the market experiences its ups and downs.

Key Resistance Looms on the Horizon

Despite Bitcoin's robust on-chain fundamentals, the digital asset faces a significant resistance zone between $86K and $92K. Currently trading at $85,346.56—up 0.94% in the last day—bullish momentum appears to be building.

Accumulation vs. Hesitation: A Tipping Point for BTC?

Large stakeholders, specifically wallets with holdings of 10 to 10,000 BTC, have increased their positions significantly, adding over 53.6K BTC since March 22nd. This trend suggests institutional confidence, yet the hesitance from short-term traders reveals a contrasting narrative, prompting speculation: Will these whale movements spark the next big breakout?

Can BTC Surge to $92K?

The price action of Bitcoin is at a critical juncture as bulls challenge the daily EMA 50 resistance at $85.3K. Having recently broken out of a descending wedge—often a precursor to bullish reversals—it's vital for BTC to secure a definitive close above this EMA.

Are Profit-Taking Sellers a Threat?

While 81.79% of BTC holders currently enjoy profits, many addresses purchased Bitcoin between $86.1K and $213K, creating a formidable resistance cluster in that range. This suggests potential selling pressure from holders looking to take profits or recoup losses.

Momentum Builds: What the Data Says

On-chain analytics offer further insights. The Puell Multiple, currently at 0.99, indicates that Bitcoin isn't overheating, leaving plenty of room for upward movement. Additionally, dwindling exchange reserves signify reduced selling pressure, supporting the trend of whale accumulation.

Is Bitcoin Ready to Break Through?

The Crypto Bull Run Index (CBBI) stands at 66.55, hinting at growing optimism without reaching euphoric heights. Coupled with historically low volatility at 2.72%, these factors suggest that Bitcoin is primed for a significant directional move.

As whale accumulation continues, supply on exchanges decreases, and technical setups look encouraging, Bitcoin's path to a breakout is becoming clearer. However, overcoming the $86K-$92K resistance will be crucial for sustaining any upswing. If bulls can establish $85.3K as support, a rally to $92K seems increasingly within reach.