Key Insights
- •Bitcoin reclaims short-term holder cost basis at $114K, signaling possible recovery and market stability.
- •On-chain data reveals growing whale activity, supporting the bullish trend and higher price targets.
- •BlackRock and Ark Invest purchase $141.6M in Bitcoin, showing rising institutional interest in the asset.
Bitcoin (BTC) has broken above a key resistance level that held for years. Analysts say this could mark the beginning of a new phase of price discovery. The move is also supported by robust investor activity and growing institutional interest.
Key Resistance Becomes New Support
Bitcoin has now turned its long-term resistance level into a support level. Market watchers are closely tracking this shift. In previous market cycles, each breakout from this level led to a new all-time high.
According to CryptoELlTES, a breakout from this structure in previous cycles marked a new price discovery phase. Analysts suggest that if current momentum holds, Bitcoin could move toward the $190,000 level. Price action and volume are both showing strength near current levels.
This change in structure has occurred before, and such events have historically led to significant price rallies. Some traders now see this as the beginning of a new bullish trend. This has also attracted attention from major firms and individual investors.
Bitcoin Trades Above $114,000
As of now, Bitcoin is trading at $114,296. The cryptocurrency is down 1.22% in the last 24 hours, with a 24-hour trading volume of over $53.6 billion. Despite the slight drop, the overall trend remains positive.
However, Bitcoin reclaims Short-Term Holder Cost Basis at $114,000. This level had not been reached since recent events involving U.S. trade policy and a sharp decline in the crypto market. This reclaim may bring more stability to the market.
The Short-Term Holder Market Value to Realized Value (STH-MVRV) ratio is now above 1. This usually signals recovery phases in past cycles. Investors are watching to see if the trend continues in the coming weeks.
Institutional Investors Increase Exposure
Meanwhile, BlackRock and Ark Invest have made new Bitcoin purchases totaling $141.6 million. These firms are among the largest institutional investors in the crypto space. This has raised interest in institutional buying patterns.
More large purchases may follow if the uptrend continues. Such buying often leads to confidence among retail investors. This also adds liquidity and reduces the risk of large price swings.
Whales are reportedly adding to their holdings every day. On-chain data shows a steady increase in significant wallet activity. This suggests whales are buying more Bitcoin.