Bitcoin Whales Accumulate, $101K Resistance Looms

Bitcoin's price is expected to make a decisive move in the coming weeks, according to analysts who have been studying the cryptocurrency's chart patterns. The recent volatility in the market has provided an opportunity for Bitcoin whales to accumulate more coins, with 135 new wallets holding over 100 BTC emerging in February alone. This accumulation has established a strong support level above $97,500, which could trigger a stronger bull rally to new all-time highs if the price breaks above $101,000.

On-chain data from Glassnode shows significant accumulation activity, with approximately 200,000 BTC purchased above $97,500. This accumulation has stabilized the Bitcoin price above $97,500, well above the short-term holder cost basis. Below this level, unrealized losses rise sharply, increasing downside risk as sentiment weakens. Popular crypto analyst Rekt Capital noted that Bitcoin is testing its diagonal trendline support level as prices consolidate between $98,000 and $101,000. Early signs of a potential higher low formation are emerging, and price stability at current levels could pave the way for Bitcoin to retest the $101,000 resistance.

Spot Bitcoin ETF inflows have also resumed despite strong market volatility, showing strength among Bitcoin whale entities. After a strong success in America last year, giants like BlackRock are working to bring Bitcoin ETFs to other regions. Meanwhile, Bitcoin rose above $98,000 during Thursday's Asian trading hours after Eric Trump, son of U.S. President Donald Trump, encouraged BTC investment on X. BTC prices rose from $96,900 to $97,830 following his post, with the micro CME futures topping the $98,000 mark.

In other news, 49,700 dormant Bitcoin just moved, raising questions about what's next for BTC's price. Bitcoin spent output age bands data shows that the majority of BTC is still held by long-term holders, with only a small portion being moved recently. The BTC price is currently moving sideways on the 2-hour chart, with no clear trend emerging yet. Analysts will be closely watching the market in the coming weeks to see if a decisive price move is indeed on the