- Bitcoin whale accounts deposited 81,000 bitcoins in six weeks, indicating bullish sentiment.
- BTC shattered critical resistance levels, now consolidating at levels near $97,650 with resistance at $98,000.
- Bitcoin’s dominance amongst derivatives grew, with long positions at $2.14 billion surpassing shorts.
Bitcoin started its corrective phase below the $95,500 level, falling below support levels at $95,000 and $94,500. However, bullish momentum re-emerged close to the $94,000 region, halting the decline. BTC found its recent bottom at $93,398 before initiating a notable recovery, pushing back through several crucial resistance levels.
The pullback consisted of a move above $94,500 and a break of the critical bearish trendline at $94,750 of the BTC/USD hourly chart. Following this, Bitcoin breaching above the resistance level of $96,500. Now, the asset is trading above $96,000 and well above the 100-hourly Simple Moving Average, indicating positive technical sentiment.
Whales Fuel Bitcoin’s Climb Toward $100K
A confirmed break above $98,000 may unlock the way to $98,800 and ultimately test the waters at the $100,000 level. Supporting this bullish narrative, Sentiment data shows 10 to 10,000 BTC wallets holding 10 to 10,000 BTC added over 81,000 BTC in six weeks a 0.61% increment despite turbulent market circumstances.
On the flip side, retail holders of less than 0.1 BTC decreased holdings by 290 BTC, which was 0.60% lower. This divergence is historically bullish and tends to come before powerful rallies. Experts view this as one indication that Bitcoin is quietly building up for explosive price action to fresh highs.
Apart from BTC, the overall crypto market is impacted by this accumulation trend. Whale confidence usually initiates rotation into high-beta altcoins, meaning traders should take note of breakout triggers. Up to May 6, 2025, Bitcoin’s strength is directing sentiment to risk-on, boosting opportunities to trade within the crypto market.
Bitcoin Surges Past $734M Short Positions at $95,600
Glassnode data records that BTC surpassed $734 million in short positions concentrated near $95,600. Last week, the level resisted price pushes, but bulls captured the zone back, generating a wave of liquidations and driving BTC to its peak near the level of $97,260—a great morale booster for bulls.
Coinglass confirms bullish dominance in derivatives, with long positions totaling $2.14 billion, outpacing short leverage at $2.06 billion. With the $95,600 resistance now conquered, BTC appears poised to test and potentially break above the weekly high at $98,200, strengthening the case for continued upside.
If Bitcoin faces rejection at $97,750, a minor pullback could occur. Initial downside support lies at $96,650, followed by $95,500 and $95,000. A deeper drop may test $94,500, with $93,200 acting as a strong foundational support to halt any extended correction in the near term.
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