Bitcoin Surges 2% to $103,856 as Whale Injects $390M

Bitcoin is once again in the spotlight as the crypto market experiences a surge of bullish momentum. With Bitcoin currently trading at $103,856, there is growing speculation about whether the cryptocurrency is poised to break its all-time high (ATH). This speculation is fueled by a significant move made by a whale, which has injected fresh optimism into the market.

A whale has recently increased their BTC long position to $390 million using 40x leverage, a move reported by crypto influencer Ash Crypto. This aggressive bet suggests a high level of confidence in an imminent price surge for Bitcoin. Historically, such large-scale whale activity has often preceded sharp moves toward a new ATH for Bitcoin.

Technical analysis of Bitcoin further supports the bullish outlook. The current price of Bitcoin is $103,856, with immediate resistance at $105,700. A breakout above this level could trigger a rapid move toward $110,000. Strong support is found at $100,000, where Bitcoin recently bounced off, confirming it as a critical floor. The Relative Strength Index (RSI) on a weekly basis stands at 64.32, indicating that there is still room for further upside as it remains below the overbought zone. The 50-week Simple Moving Average (SMA) at $79,979 reinforces Bitcoin’s strong long-term bullish trend, with BTC comfortably trading above major moving averages.

Key price levels to watch include the resistance between $105,700 and $110,000. If Bitcoin manages to clear this zone, the rally could extend towards the $115,000 range and potentially push toward a new ATH. On the support side, the primary level to monitor is $100,000, followed by $86,939 as a secondary support level. A strong bounce from these zones would further validate the bullish sentiment.

The whale holding the $390 million BTC position is already sitting on an unrealized profit of over $283,000. This massive position, backed by 40x leverage, is a clear indication that big players are betting heavily on Bitcoin’s breakout. Other significant positions in the market include over $41 million in kPEPE longs, already generating more than $15 million in profit, and a notable position in XRP, although the latter is currently at a loss. This aggressive behavior by whales suggests that smart money is preparing for a major move, likely aiming for Bitcoin to reclaim its all-time high or even surpass it.

With whales making aggressive moves and Bitcoin hovering just below major breakout levels, all eyes are now on BTC. If the current momentum continues, Bitcoin could be on the verge of reaching a new all-time high. The market is abuzz with anticipation, and traders are closely monitoring the situation for any signs of a breakout.