- Realized Price flips to resistance as Bull Score stays below 40.
- New whales accumulate faster than old whales despite the market downturn.
Bitcoin faces resistance near the $91,000 to $92,000 zone, challenging its recent price gains. Market sentiment remains cautious, with the Bull Score below 40. Despite institutional demand through ETFs, bearish pressure persists. At the time of writing, Bitcoin trades at $87,219.62, reflecting a 2.46% 24-hour increase.
Additionally, former BitMEX CEO Arthur Hayes tweeted that this might be the last chance to buy Bitcoin below $100K. He referred to the recent price rebound “like the Easter bunny” and teased an upcoming essay on “The BBC Bazooka” and treasury buyback, hinting at potential catalysts.
Realized Price Becomes Resistance Amid Low Bull Score
According to on-chain data, the Trader’s On-chain Realized Price, currently between $91,000 and $92,000, is acting as a resistance level. This metric, which tracks the average price of coins based on their last blockchain movement, often shifts from support to resistance depending on market sentiment.
Bitcoin Bull score index Source: CryptoQuant
However, in bullish conditions, the Realized Price serves as a floor. As reported, when the Bull Score drops below 40, it becomes a ceiling. Analysts note that the current bearish phase is marked by a persistent inability to stay above the Realized Price.
This is supported by data showing a Bull Score below the 40 threshold, indicating weak buyer confidence. The red zone, associated with lower sentiment, reinforces the likelihood of rejection near this resistance band.
New Whale Activity Surges, Signaling Accumulation Trend
Chain data highlights a sharp rise in Bitcoin holdings among new whale entities accumulating heavily since 2023. These investors have overtaken older whales in total BTC balance, as illustrated by the BTC Balance chart. The pink section of the chart shows this growing dominance.
Source: Chain
This accumulation trend reflects increasing interest from institutional and high-net-worth individuals. Analysts point to this whale activity as a sign of long-term confidence, even during bearish phases.
The rate at which new whales are acquiring Bitcoin remains historically high, and this upward shift in whale participation continues to support Bitcoin’s overall market structure.
ETF Inflows Highlight Institutional Confidence Despite Volatility
Bitcoin ETFs continue to draw inflows despite broader market fluctuations. The latest data shows a net inflow of +306 BTC, which was recorded recently at about $26.95 million. The Fidelity Bitcoin ETF (FBTC) led these inflows, contributing all 306 BTC and raising its total holdings to 194,578 BTC, valued at $17.17 billion.
Source: Lookchain
In total, Bitcoin ETFs now hold over 1.1 million BTC. These vehicles offer regulated access to Bitcoin, attracting traditional investors who might otherwise avoid crypto exchanges.
Bitcoin Price Analysis: Key Levels to Watch
Bitcoin’s price has fluctuated within key support and resistance levels. The price recently tested the $81,102 support level, bouncing back sharply after a brief dip. This level has proven to be a strong support zone, with Bitcoin’s resilience in maintaining higher price levels.
Bitcoin 4hr Price Chart Source: TradingView
The immediate resistance is around $88,000, marked by the yellow box on the chart. Bitcoin has made significant moves in recent days, with a notable rally pushing it towards this resistance area. A break above $88,000 could signal upward momentum, pushing Bitcoin towards new highs. However, a pullback to the $81,000 support level is likely if the resistance holds.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
