Bitcoin under $86k reflects increased price volatility. However, will the rising whales holding trigger a triangle breakout run to $95k?
Breaking below the $86,000 mark, Bitcoin is trading at a market price of $85,982. Over the past 24 hours, the biggest cryptocurrency in the market has taken a hit of 1.6%.
However, the ongoing inflows into Bitcoin ETFs, coupled with growing acceptance among top U.S. companies, signal a potential rally. Will this lead to a reclaiming of the $100,000 mark?
Whales Expand Bitcoin Holding By 129k BTC
Despite the volatility, crypto whales are increasing their Bitcoin holdings. According to Glassnode data, the change in the position of whales over the past 30 days reveals an addition of 129,000 BTC since March 11.
This marks one of the strongest accumulations by crypto whales since August 2024. With newfound confidence among the whales, a BTC price rally is likely to gain momentum.
Bitcoin Whales Position Change (30D)
Bitcoin Spot ETFs in a Fresh Inflow Cycle
Amid the rising whale holdings, U.S. Bitcoin spot ETFs recorded a total net inflow of $89.09 million on March 27. Out of the 12 registered Bitcoin ETFs, Fidelity saw an inflow of $97.14 million, while BlackRock recorded $3.97 million.
However, the $5.09 million outflow from Vision3 and the $6.95 million outflow from Invesco limited the total inflow, keeping it just under $90 million. Over the past 10 trading days, Bitcoin ETFs have experienced a continuous streak of inflows.
As this trend strengthens, rising institutional demand is expected to fuel the Bitcoin rally.
Bitcoin ETFs
Bitcoin Price Nears Triangle Breakout, Eyes $95k
On the daily chart, Bitcoin’s price action shows a bearish turnaround within a symmetrical triangle pattern, testing the 61.80% Fibonacci level at $86,146. Currently, the pullback is finding support at the 100-EMA line, near $85,760.
Additionally, the declining trend has resulted in a bearish crossover in the MACD and signal lines, with a new streak of bearish histograms. However, Bitcoin has experienced lower price rejections from the 61.80% Fibonacci level twice in the past 48 hours.
This suggests the possibility of a bullish comeback that could push the price above the overhead trendline. If this happens, a bullish breakout rally is likely to reach the 78.60% Fibonacci level, close to the $95,000 mark.
On the flip side, a bearish continuation, compromising the bullish dominance at the support trendline, could test the 50% Fibonacci level, which is near the $80,000 mark.
GameStop to Start Accumulating Bitcoin
In the recent news of Bitcoin adoption, GameStop, the American video game retailer, announced an updated investment. GameStop revealed plans to add Bitcoin to its treasury reserve assets.
On March 27, GameStop announced the pricing of $1.3 billion worth of convertible senior notes as part of a private offering. The offering is intended to raise funds for Bitcoin purchases.
Priced at $1,000 per note, purchasers will receive a conversion rate of 33.4970 shares, representing a 35.14% premium to GameStop’s current stock price of $22.09.
Following GameStop’s initial announcement on March 25 about adding Bitcoin to its investment policy, GameStop’s share price surged by 11.65%, adding $1.65 billion to its market cap overnight.
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