Currently, Bitcoin (BTC) is experiencing significant selling pressure, facing challenges near the resistance level of $94,789. Following a promising start to the year with inflows of $1.16 billion, BTC exchange-traded funds recorded a notable outflow of $243.2 million on Tuesday, indicating increased caution among investors at higher price levels.
Despite the recent pullback, data from Santiment reveals that large holders, known as whales and sharks, have accumulated a total of 56,227 BTC since mid-December, suggesting potential support for the cryptocurrency. Analyst Bill Miller IV from Miller Value Partners expressed optimism, stating that BTC is establishing a stronger base and could surpass its previous all-time high.
The price is anticipated to find support at the 20-day exponential moving average around $90,022. A rebound from this level could lead to a breakthrough above the resistance of $94,589, paving the way for BTC to reach $100,000 and possibly $107,500. Conversely, if Bitcoin dips below $84,000, it may signal a longer period of stagnation within the current price range.