Bitcoin Whales Accumulate 53,600 BTC, Price Nears $85.3K Resistance

Bitcoin's key stakeholders, including wallets holding between 10 and 10,000 BTC, have significantly increased their accumulation, adding over 53,600 BTC since March 22. These entities now control 67.77% of the total supply, indicating strong institutional confidence in the asset despite recent market fluctuations. At the time of reporting, BTC was trading at $85,346.56, up 0.94% over the last 24 hours, suggesting growing bullish pressure.

However, the exchange inflow momentum presents a more cautious narrative, with short-term players appearing hesitant. This contrast between long-term accumulation and short-term hesitation raises the question of whether this wave of whale demand will drive the next breakout. Bitcoin’s price action is now approaching a critical technical juncture, as bulls challenge the daily EMA 50 resistance at $85.3K. The asset recently broke out of a descending wedge, a pattern that often precedes bullish reversals. However, the uptrend remains unconfirmed until BTC secures a clean close above the EMA50. A successful reclaim of this level could open the path to $92K, which aligns with projected targets from the current technical setup. Therefore, price movement in the coming days will be pivotal in establishing short-term direction.

On-chain data reveals that 81.79% of BTC holders are currently in profit, reflecting strong hands across the board. Yet, a substantial number of addresses acquired BTC between $86.1K and $213K, forming a significant resistance cluster just above current levels. This means that while Bitcoin enjoys solid structural support, the $86K–$92K zone may attract increased selling from holders eager to break even or take profits. Consequently, bulls will need significant momentum to clear this barrier and sustain upside continuation.

On-chain signals continue to support the bullish case. The Puell Multiple, at 0.99 at press time, suggested that Bitcoin remained far from overheating, leaving ample room for further upside. Additionally, falling exchange reserves reflect decreasing sell-side pressure, consistent with whale accumulation trends. The Crypto Bull Run Index (CBBI) sat at 66.55, signaling optimism but not yet euphoric conditions. Complementing these signals, volatility remains subdued at 2.72%, a level that historically precedes sharp directional moves. Collectively, these metrics indicate that Bitcoin is building energy for a potential rally.

Given the ongoing whale accumulation, diminishing exchange supply, low volatility, and a technically significant setup, Bitcoin appears well-positioned for a breakout. However, the $86K–$92K zone presents immediate friction. If bulls decisively flip $85.3K into support, a push toward $92K seems increasingly likely.