Bitcoin is now closing in on 100,000 dollars, following a fresh all-time high today of 97,864 dollars. It gained 5.7% in the last 24 hours and has kept up this remarkable upwards trajectory.
Whale Investors Drive the Rally
Large Bitcoin holders also played a significant role in this uptrend. Whales, in the last month, added to their wallets 56,397 BTC worth approximately $5.42 billion. The gradual buying by whales has continued boosting market confidence and, thus, helped Bitcoin’s price surge upward.
Whales are known for influencing market trends, and their recent activity suggests great faith in Bitcoin’s ability to go above $100,000. This accumulation also added resilience to the cryptocurrency during market fluctuations.
Long-Term Holders Show Confidence
Another factor fueling Bitcoin’s rise is the conviction of long-term holders. Metrics show that these investors are holding significant unrealized profits without selling off in large volumes. This indicates that they believe the market still has room to grow.
The LTH NUPL continues to maintain below the “euphoria” threshold. Historically, this has been somewhat of a near-term indication of further upside potential in Bitcoin’s price.
$100,000 Within Reach
Bitcoin’s recent performance highlights strong demand and market optimism. To reach $100,000, it needs to turn its new peak of $97,864 into a solid support level. Continued whale activity and the commitment of long-term holders could help achieve this milestone.
However, risks remain. If profit-taking intensifies or major holders change their strategies, a correction could occur. A drop below $89,800 might delay Bitcoin’s path to $100,000.
For now, Bitcoin remains on track, with market watchers eagerly awaiting the next milestone.
