Key Insights:
- A whale re-entered the market, buying 100 BTC after selling near the top.
- Bitcoin broke the $99K resistance, confirming bullish momentum.
- Falling wedge breakout targets $115K as ETF inflows outpace gold.
Bitcoin price has regained momentum after a large investor re-entered the market with a large purchase. As the price of BTC breaks a key resistance level, market sentiment is leaning bullish once again.
On-chain and technical indicators suggest BTC has geared up for another upward surge. These signals strengthen the case for a potential move toward fresh highs.
Whale Re-Activates Wallet and Buys $9.78 Million Worth of BTC
According to on-chain data from Lookonchain, a whale previously inactive for four months has notably returned to the Bitcoin market. This investor bought 100 BTC valued at approximately $9.78 Million.
This behavior suggests a strategic move by a long-term holder who times entries and exits based on detailed analysis. The fact that this whale is re-accumulating after the Bitcoin price dipped implies confidence in future gains.
It also indicates that current levels are considered a strong accumulation zone. Significant wallet activity often sets the tone for broader market behavior. If other whales follow this pattern, the exchange supply could tighten, further supporting the price.
Bitcoin Price Breaks Through Sell Wall Near $99,000
BTC price has crossed over the tough, sell-side resistance level of nearly $99,000. Previously, this level had restricted the price growth and had been a psychological, technical barrier.
On May 8, Bitcoin price surged 2.42%, reaching $99,402. This breakout has breathed new life into the market.
Technical analysis on the 1-day chart shows a falling wedge breakout and a frequent reversal pattern. The breakout happened in late April and has continued strongly after that. Since February 2025, a wedge formation had been present, wherein gradually, lower highs and lows were recorded.
Using the height of the wedge, the chart could suggest approximately $115,000 to $118,000 based on our forecasting. The move is consistent with bullish momentum indicators, and behavior by investors indicates that a pattern might unfold as anticipated.
ETF Flows Favor Bitcoin Over Gold
Recent statistics show that there is a definite change in investor preference. Bitcoin ETFs attract more capital than gold ETFs, having 100 hypothetical units of inflow in contrast to gold with 40 units. This 150% gap shows that people are becoming more confident in Bitcoin as an asset.
Institutional investors have fueled this trend with significant inflows. Reports show they have added over $7 Billion to Bitcoin ETFs this year.
Momentum Indicators Remain Bullish
The current Bitcoin price action has strong momentum signals backing it. The Relative Strength Index (RSI) was at 70.48, crossing the overbought territory at 70, usually reflecting a bullish trend. Initially, the Money Flow Index (MFI) was 72.21, indicating good capital inflow.
The Money Flow index is 72.21, reflecting the continuous capital flow and a firm representation of a strong buyer market. There is also the Cumulative Volume Delta (CVD), which remains positive.
This indicates that there is more buying force than selling pressure. These signals suggest a sustained bullish trend if the Bitcoin price exceeds $99,000. Maintaining this level could reinforce investor confidence and fuel further upward momentum.
What’s Next For Bitcoin Price?
As per market analyst CryptoCandy24x, bitcoin is performing according to expectations. Upon retesting and sustaining support in the $92.8K – $95K area, the next resistance is $99.5K. A clean retest above that price may force BTC to attack the $106K – $109K region.
The general trend is positive if the price does not decline below the $92K support zone. With the whale re-entry, ETF inflows, and bullish chart formations, it is good news for Bitcoin.
If $99K is breached as support, Bitcoin could even further the rally into the $115K–$118K range over the following weeks.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.