As U.S. inflation dropped to 2.3% in April, Bitcoin gained significant momentum, currently trading at $103,827—a nearly 1.5% increase in the last 24 hours. With whale activity intensifying and open interest surging, analysts predict BTC could soon breach its all-time high.
Bitcoin Price Analysis: Key Resistance at $104K
- Recent Trend: Bitcoin rebounded from the 50% Fibonacci level (~$75,500), surging 36% over 36 days.
Critical Levels:
- Support: $97,000 → $92,000 (78.6% Fibonacci level).
- Resistance: $104,000 (overhead supply zone).
Technical Indicators:
- RSI reversing in overbought territory.
- MACD nearing a bearish crossover, suggesting possible short-term consolidation.
👉 Bitcoin price prediction for 2025
Bullish Scenario: A breakout above $104K could propel BTC toward **$127,800** (1.272 Fibonacci extension).
Whale Activity: Accumulation Over Selling
- Declining Exchange Inflows: Whale deposits to Binance have dropped since April, while retail inflows grew from $12B to $15B.
- Accumulation Phase: Whales added 83,105 BTC in the past month, signaling long-term confidence.
"Whales avoiding profit-taking suggests they anticipate higher prices." — DarkFost, CryptoQuant Analyst
Bitcoin Futures Market Heats Up
- Open Interest (OI): At $67.47B**, nearing **$70B—a historic high.
- Liquidations: Over $36M in shorts liquidated in 24 hours.
- Funding Rate: 0.0075%, reflecting bullish dominance.
👉 How to trade Bitcoin futures safely
FAQs
1. What’s driving Bitcoin’s current rally?
Lower U.S. inflation, whale accumulation, and bullish futures activity are key catalysts.
2. Could Bitcoin drop if it fails to break $104K?
Yes, a rejection might lead to a retest of $97K** or **$92K support levels.
3. How significant is the $70B open interest milestone?
It indicates heightened trader confidence but also raises liquidation risks during volatility.
Disclaimer: This analysis is for informational purposes only. Cryptocurrency investments carry risks; always conduct independent research.
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