Bitcoin Price Analysis: Will the $88,860 Resistance Break?
Bitcoin Price Analysis – Over the past 96 hours, more than 21,000 Bitcoin (BTC) have been transferred to exchanges, indicating a sharp increase in exchange reserves. Historically, such inflows often signal growing sell-side pressure, especially when traders expect a local top. Currently, Bitcoin has remained steady around the $83,700 mark, struggling to gain momentum after a recent dip. The market is now closely watching whether these inflows will trigger a correction or if bullish forces will prevail.
Is Bitcoin Forming a Bullish Cup and Handle Pattern?
On the 4-hour chart, Bitcoin appears to be forming a textbook cup and handle pattern, which traditionally signals a potential bullish continuation. As of now, BTC is trading at $85,138.04, showing a modest 1.02% gain. The neckline of this pattern lies at the $88,860 level—a key resistance zone that must be cleared to confirm a breakout. A decisive move above this level could trigger a wave of buying pressure, paving the way toward new highs. However, the handle portion remains sensitive to broader market sentiment.
Potential Support and Weakening Momentum
If bullish momentum fails to gain strength, Bitcoin could pull back toward the $81,535 support level, which has shown resilience in previous dips. Currently, market sentiment is neutral, with bulls and bears evenly matched at 130 each over the past seven days. This equilibrium suggests uncertainty in the market, where even minor events could have a significant impact.
Whale Buying and Institutional Accumulation
Despite rising exchange reserves, whales and institutions continue to accumulate Bitcoin aggressively. According to Glassnode data, wallets holding over 10,000 BTC have increased their holdings, pushing the accumulation score near 0.6. Notably, Tether has acquired $750 million worth of BTC in 2025, now holding over 100,000 BTC valued at $8.5 billion. Additionally, Bitwise has entered the accumulation phase with a $24.5 million purchase, signaling sustained long-term confidence.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment