Bitcoin has experienced a 2.73% increase in the last 24 hours, bouncing back from a decline that lowered the price to $94,150.05 after peaking at $104,000 earlier in the month.
The recent uptrend in BTC’s value is predominantly fueled by escalating demand from investors, as substantial acquisitions persist in pushing prices upwards.
Major Players Lead the Way
Renewed interest in Bitcoin has emerged, with significant investors, known as whales, playing a crucial role in the recent surge in prices, as revealed by cryptocurrency analyst Ali Chart utilizing data from Glassnode.
The data indicated that large investors have been accumulating considerable amounts of BTC. A chart showcased 342 wallets, each holding over 100 BTC (equivalent to around $10 million based on CoinMarketCap) taking advantage of Bitcoin’s sharp decline to $90,000.
Notably, such actions typically signify that whales perceive the drop as an opportunity to procure BTC at a reduced rate in anticipation of another market upswing, which has already come to fruition as BTC now trades above $100,000.
BTC May Target a New Peak
According to liquidity data from Coinglass, as shared by analyst Mister Crypto, indications are that the cryptocurrency is gearing up to reach a new record high, potentially maintaining a price above the $100,000 mark.
Liquidity levels highlight crucial price levels where assets typically converge, functioning as attractors for price fluctuations.
As of the current moment, BTC has surpassed all major liquidity thresholds below its present value. The next significant resistance level stands at $105,000, surpassing its previous highest target of $104,000.
Rising Market Liquidity
Whale Tracker has reported that Tether (USDT) has generated an extra $1 billion at Tether Treasury, indicating an increase in market liquidity.
This surge in liquidity reflects a growing demand for USDT, which market participants are likely utilizing to acquire cryptocurrencies. With Bitcoin positioned as a primary choice, it stands to gain from this inflow as traders employ USDT to buy BTC.
In a related update, Whale Tracker points out that confidence in the coin is rebounding, citing a significant holder who recently moved 7,999 BTC—worth over $800 million—back to secure wallets for safekeeping.
Given these emerging trends, BTC appears increasingly poised to hit a fresh all-time high in the near future.