Bitcoin Surges: 200,000 New Wallets Amid Bybit Hack, $100K Rebound Imminent

Bitcoin Price Analysis: Traders Open 200,000 New BTC Wallets Amid Bybit Hack, $100K Rebound Ahead

Bitcoin price has shown resilience following the recent Bybit hack, with traders capitalizing on the temporary dip to buy BTC at lower prices. The cryptocurrency has since stabilized above $95,000, signaling renewed market interest and a potential rebound towards the $100,000 psychological level.

On-chain data from Santiment reveals that over 200,000 new BTC wallets were created within 48 hours of the Bybit hack. This surge in new entrants suggests a growing interest in Bitcoin, with traders moving their holdings off centralized exchanges to mitigate potential security risks and new investors driving rapid BTC acquisitions at lower price levels.

Historically, such accumulation phases have preceded significant rallies, and with reduced liquidity on exchanges, upcoming demand surges could trigger rapid BTC price spikes. Analysts project a potential retest of the $100,000 psychological level in the days ahead, as Bitcoin maintains support above $95,000 and buying pressure continues.

From a technical perspective, Bitcoin price forecast charts show BTC is testing key support after slipping to $95,832, reflecting a 1.47% decline in the last 12-hour session. The current trading range sits between $96,763 and $93,725, as indicated by the Keltner Channel (KC), showing BTC approaching the lower boundary. A push above the 50 threshold on the Relative Strength Index (RSI) would confirm renewed buying interest, potentially fueling a climb beyond the $96,763 mid-KC band and setting the stage for a run toward the psychological $100,000 mark.

In conclusion, Bitcoin's latest correction appears to be another stepping stone towards new highs, with institutional interest growing and market fundamentals strengthening. Traders are closely monitoring price action around key resistance levels, and if BTC breaches these levels, its next target will be the $100,000 threshold, further cementing its dominance in the crypto market.