Bitcoin (BTC) Price Tests $95K Resistance as Institutional Investment and Whale Accumulation Drive Market Upwards Momentum

Bitcoin (BTC) is trading at approximately $95,422.88 USD as of 11:33 a.m. ET on Friday, marking a 1.99% increase over the past 24 hours.

Bitcoin (BTC) is trading at approximately $95,422.88 USD as of 11:33 a.m. ET on Friday, marking a 1.99% increase over the past 24 hours. The cryptocurrency reached an intraday high of $95,165 this morning.

Several factors are contributing to Bitcoin’s upward momentum:

1. Institutional Investment and ETF Inflows

Bitcoin has seen substantial inflows into spot ETFs, with over $2.2 billion flowing into these products this week alone. This record-breaking pace highlights the significant interest from institutional investors in gaining exposure to Bitcoin.

2. Whale Accumulation

According to on-chain data from Glassnode, there has been a notable increase in the accumulation of Bitcoin by large holders, also known as “whales.” Entities holding over 10,000 BTC have been observed to be adding to their positions in recent times.

3. Technical Breakout

A key resistance level for Bitcoin has now been flipped into support, a technical development that is closely monitored by traders. Recent price action charts and indicators used by traders suggest that Bitcoin has encountered a critical resistance at the $92,000-$93,000 range.

4. Positive Market Sentiment

The global crypto market cap has reached $2.92 trillion, showcasing a broader optimistic sentiment within the cryptocurrency sector. Apart from Bitcoin, other cryptocurrencies like SUI and STX have also posted significant gains of 20% and 12%, respectively.

5. ARK Invest’s 2030 Bitcoin Price Target

ARK Invest, a well-known investment firm, has revised its 2030 price target for Bitcoin to as high as $2.4 million. In a recent interview, ARK’s senior investment analyst Tom Lee highlighted the role of increased institutional adoption and decreasing exchange balances in fueling this bullish outlook.

Key Metrics at a Glance

Bitcoin Price Today: $95,422.88

BTC, 24H Low: $92,068.04

BTC, 24H High: $95,444.08

BTC, 24H Change: +1.99%

Where Does Bitcoin Go From Here?

Bitcoin’s recent price increase is driven by a combination of factors, including record institutional investment into Bitcoin spot ETFs, large “whales” accumulating more BTC, and a key technical breakout that could indicate further bullish moves. Additionally, the broader crypto market is exhibiting positive trends, with several altcoins also posting notable gains.

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