Bitcoin’s Bizarre Bounce: Will $100K Be the New Normal?

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🚀 Bitcoin‘s Bizarre Bounce: Will $100K Be the New Normal? 🤯

Bitcoin’s Bizarre Bounce: Will $100K Be the New Normal?

Well, well, well. Look who’s suddenly decided to get their act together. Bitcoin prices have jumped to a whopping $85,020 in the last 24 hours, because, you know, 1.2% is a lot when you’re talking about cryptocurrency. It’s like a small miracle, really. The downward momentum of recent weeks has been reversed, and now the big boys are talking about a potential $100,000 target. Because, why not, right? 🤑

Signs Of A Rebound Emerging (Or So We Hope)

While Bitcoin is still down 3.4% over the past week and a whopping 9.5% over the last month, the analysts are all like “Hey, don’t worry, folks! We’ve got a one-day price candle that’s completely erased the losses from the previous three days. That’s like, totally a thing. It means we’re back on track, right?” 🤔

The Relative Strength Index (RSI) is also doing its thing, bouncing off its support line like a rubber ball on a pogo stick. This is a technical signal, apparently, that suggests building momentum for an upward price movement. Because, you know, that’s exactly what we need. More momentum. More building. More… well, you get the idea. 🚧

According to the geniuses at TradingView, Bitcoin’s biggest challenge right now is that pesky falling trend line that started on January 20. This resistance level coincides with the 50-day moving average, and Bitcoin has already tested it four times previously. Because, you know, practice makes perfect. Or something. 🤪

$100,000 Target Within Reach If Resistance Breaks (Fingers Crossed)

Market watchers are eyeing a target just below $100,000 if Bitcoin can break its current wall. This goal sits near the top of February’s barrier zone and matches the 2.0 Fibonacci extension level, a key mark used by traders. Because, you know, math is hard, but Fibonacci is easy. 🤓

A breakthrough could signal a move toward a long-term bullish trend for the cryptocurrency, which has faced big hurdles in recent weeks. But, you know, don’t get too excited. It’s not like we’ve been here before or anything. 🙄

The fifth test of this resistance level could prove decisive for Bitcoin’s near-term price direction. Traders are watching closely to see if this attempt will be successful where previous ones have failed. Because, you know, five times is the charm. Right? 🤞

Large Holders Show Growing Confidence In Bitcoin (Because They’re Grown-Ups)

According to figures supplied by Santiment, the wallets holding between 1,000 and 10,000 Bitcoins increased to 1,993 by March 31. It’s the biggest since December of 2024, and a rise by 2.5% within a five-week period when 50 large wallets joined the market. Because, you know, when the big boys are confident, we should be too. 🤑

Bitcoin’s market value has fluctuated between $81K to $84K Monday. And while prices continue ranging as March draws to a close, whale wallets (specifically 1K-10K $BTC holders) continue growing in number.

There are now 1,993 #Bitcoin wallets of this size, which is the highest…

— Santiment (@santimentfeed) March 31, 2025

This accumulation pattern by large holders tends to decrease the supply of Bitcoin in circulation. When demand stays constant or increases while supply decreases, prices tend to go up. Because, you know, basic economics. 🤑

Exchange Outflows Signal Short-Term Bullish Outlook (Or So We Think)

The activity of these “whale” wallets is a primary gauge of market sentiment because these large holders tend to be privy to sophisticated research and market analysis that guide their investment choices. Because, you know, they’re experts. 🤓

Meanwhile, Bitcoin’s movement to and from exchanges shows a 38% decline in net flows over the past 24 hours. According to IntoTheBlock analytics, this suggests traders are moving their Bitcoin off exchanges rather than preparing to sell. Because, you know, they’re not panicking. 🙅‍♂️

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2025-04-02 15:43