Bitcoin (BTC) has risen nearly 12% in the past week, reaffirming its bullish trend after breaking through key technical levels and approaching a strong resistance area. This bullish momentum is driven by a slight rebound in the number of whale wallets - indicating that large investors may be starting to accumulate funds again.
Technical analysis tools such as the Ichimoku system and EMA moving averages indicate that the market is exhibiting a robust upward trend, while the current trading patterns suggest that buyers are in control of the market. As BTC approaches $100,000, the behavior of whale wallets and chart signals will be key in determining whether this rebound has enough momentum to continue breaking through.
What does the rise of BTC whale wallets mean?
The number of Bitcoin whale wallets (holding 1,000 to 10,000 BTC) has recently shown signs of recovery, indicating a calm yet significant wave of accumulation.
As of now, the total number of whale wallet addresses stands at 2,006, slightly above the 2,000 recorded on April 21. On April 22, this number rose to 2,005, dipped slightly to 2,002 the following day, and has currently rebounded to over 2,006.
Despite relatively small daily fluctuations, these movements often reflect profound changes in market sentiment and strategies among the 'big players'. The fact that the number of whale wallets is gradually stabilizing and increasing suggests that accumulation is returning after a prolonged period of distribution or hesitation.
Tracking the activities of whale groups is crucial, as they often have a significant impact on market conditions. Whether institutional investors, long-term holders, or individuals with substantial assets, whales typically possess strategic foresight and patience that most retail investors find difficult to match.
Their behavior can indicate confidence or caution regarding market prospects. A slight increase in the number of whale wallets is seen as a signal that interest in buying BTC within the current price range is gradually returning.
While this may not immediately trigger a strong rebound, it does help to solidify the market foundation, reduce the risk of a deep correction, and pave the way for a more sustainable upward trend, supported by macro factors.
The Ichimoku system shows a strong upward trend for Bitcoin.
The Ichimoku chart for Bitcoin has issued a positive signal, indicating that bullish momentum remains solid.
Currently, prices are trading above the blue conversion line (Tenkan-sen) and the red baseline (Kijun-sen) - a sign of strengthened short-term strength, while also reflecting a clear consensus on the upward trend.
In the recent rebound, these two lines have consistently acted as significant dynamic support areas, as prices have bounced off these levels multiple times. This indicates that demand remains dominant, and any adjustments are quickly absorbed.
Ahead, the green cloud (Kumo) is thickening and pointing upwards, suggesting a strong support area and an optimistic outlook for future trends. Meanwhile, the gap between the red band above Kumo and the blue band below is continuously widening, indicating that volatility is increasing - a factor that typically drives significant directional price movements.
As prices remain solidly above the cloud, and all key components of the Ichimoku system are arranged in a bullish structure, the current technical landscape continues to reinforce the following argument: the upward trend remains in place - at least in the short to mid-term - unless a strong reversal occurs that brings prices below the conversion line and baseline.
Will Bitcoin break through $100,000 before May?
Bitcoin has just officially broken through the $95,000 barrier, marking its first return to this level since early March.
The Exponential Moving Average (EMA) continues to reinforce the bullish outlook, as all short-term EMAs maintain a significant distance from long-term EMAs - a typical signal of a strong upward trend.
If the current momentum continues, Bitcoin may challenge the key resistance areas of $96,484 and $99,472. Breaking through these two levels would open the door to the important psychological threshold of $100,000, with further targets at $102,694 - the highest level since early February.
Nevertheless, caution should still be exercised. If Bitcoin experiences a reversal and fails to hold the support area at $92,920, the short-term upward trend may weaken.
At this point, prices may pull back to $88,839, and if selling pressure increases, it is entirely possible for them to drop further to $86,533.