Bitcoin (BTC) is encountering hurdles in its attempt to exceed the $92,000 mark this week. Uncertainties surrounding U.S. trade policies and a cautious stance from major institutional players are dampening potential gains. A notable drop in transactions among major holders, known as whales, indicates a waning market appetite while these larger entities await clearer economic signals.
Whale Transactions Drop Significantly
Could This Impact Bitcoin’s Price Trajectory?
At the start of the week, Bitcoin’s price surged from $81,480 to a peak of $91,860, yet it couldn’t overcome the $92,000 resistance, leading to a subsequent retreat. On-chain analytics show a significant decline in trading activity among larger investors, despite a recent price recovery.
Data from Santiment highlights a sharp decline in transactions above $1 million, falling from 3,851 on February 25 to just 2,517 by March 5. This nearly 30% drop in whale activity has stifled Bitcoin’s upward momentum, suggesting that if this trend continues, the cryptocurrency may remain trapped within a range of $85,000 to $92,000.
Currently priced at $91,709—a 4.51% rise over the past 24 hours—Bitcoin still struggles to surpass the pivotal $92,000 mark. Technical indicators are showing mixed signals, with potential for both upward movement and pullbacks.
- Whale transactions have declined significantly, impacting price momentum.
- Bitcoin’s current trading range is potentially between $85,000 and $92,000.
- Failure to break the $92,000 barrier could lead to a decline to $82,000.
- Conversely, a strong volume breakout above this resistance may push prices to $100,000.
The outlook remains uncertain. If Bitcoin can gain sufficient volume to break through the $92,000 resistance level, a rise to $100,000 might be on the horizon. Otherwise, continued low trading volumes could lead to a significant drop to around $82,000.
