- Bitcoin Holds $87K Support, Eyes Breakout to $90K
- Whale Moves 1,050 BTC, Signaling Possible Accumulation
- BTC Dominance Rises as Investors Shift from Altcoins
Bitcoin (BTC) has shown strong price movement, reaching an intraday high of $88,500 before experiencing a pullback. The cryptocurrency is now trading near $86,600, with analysts monitoring its next move. A buy signal is emerging as technical indicators suggest a potential breakout.
Bitcoin Faces Key Resistance Levels
Bitcoin traded between $83,939.88 and $87,300.86 over the past 24 hours, consolidating near $86,600 at the time of writing. Analysts suggest that if BTC holds above $87,000, it could signal a continuation of the uptrend. The price falling under $84,000 would result in market consolidation.
Market analysts highlight the importance of the 21-week Exponential Moving Average (EMA).The Bitcoin market received positive momentum according to analyst Rekt Capital when he reported “Bitcoin has increased by +$2,000 in the past hour.” The price maintains a strong position at $87,650 which functions as a decisive benchmark to show an emerging trend shift.
Bitcoin dominance has also increased, suggesting that capital is moving from altcoins back into BTC. Historically, such shifts occur when investors seek stability in the largest cryptocurrency. If dominance continues to rise, Bitcoin could gain further strength.
Large Bitcoin Transaction Raises Market Interest
A major Bitcoin transaction on Binance has attracted attention, as 1,050 BTC worth approximately $90 million was moved to an unknown wallet. The transaction, flagged by blockchain monitoring service Whale Alert, suggests potential accumulation by a large investor.
This transaction follows another deal where someone deposited 4,000 BTC bringing the total held in the wallet to around 12,000 BTC, valued at nearly $1 billion. Large-scale withdrawals like these often reduce selling pressure on exchanges, which could support Bitcoin’s upward movement.
Market participants show increased purchases of Bitcoin while monitoring essential support and resistance positions during the current price actions. BTC stands to achieve its next target at $90,000 if it keeps rising above $87,000. A fall beneath $84,000 indicates an upcoming period where the price will experience stabilization.
