Bitcoin traded relatively steadily on Friday after a week of fluctuations, consolidating near the $84,000 level after reaching a high of $86,428 earlier in the day. Notably, despite starting the month on a weak note, momentum has remained strong as BTC continues to trade above key support levels, with analysts pointing to increased buying activity from new whale investors. “A distinct cohort of high-net-worth Bitcoin holders—addresses holding at least 1,000 BTC, where each coin has an average acquisition age of fewer than six months—has emerged as a major force in this market cycle,” noted Onchained, an analyst at CryptoQuant. Since November 2024, these wallets have accumulated over 1 million BTC, signaling strong conviction in Bitcoin’s long-term value. These addresses have acquired more than 200,000 BTC in the past month alone, highlighting continued interest from institutional and high-net-worth investors. This sustained buying activity could act as a support mechanism, potentially pushing Bitcoin toward new all-time highs. Another key factor shaping Bitcoin’s market structure is the movement of capital within the network, observed through Realized Capitalization and UTXO Value Bands. Unlike market price-based valuation, Realized Capitalization calculates Bitcoin’s worth based on its last recorded transaction price, offering a clearer picture of market dynamics. Currently, UTXOs in the $1 million-plus category account for $675 billion in Bitcoin holdings, representing 78% of the network’s realized capitalization. This substantial concentration underscores the continued dominance of large-scale investors, reinforcing Bitcoin’s status as a preferred asset for institutional capital. Investor behavior also suggests increasing resilience in the market. “The percentage of coins held for three to six months has been rising rapidly, mirroring the accumulation patterns observed during the prolonged correction in the summer of 2024,” noted ShayanBTC, another analyst at CryptoQuant. Historically, such accumulation has contributed to supply squeezes, reducing the number of coins available for trading and intensifying upward price pressure when demand rebounds. He further emphasized that this trend supports the view that Bitcoin is in a consolidation phase rather than the start of a prolonged downtrend. Meanwhile, technical analysts also remain optimistic about Bitcoin’s trajectory. Crypto Caesar highlighted that BTC has entered a “spring” phase, as shown in a Wyckoff Method chart he shared on Thursday. This phase signals the shift from accumulation to a markup phase, indicating a potential breakout above the $88,000-$89,000 resistance, with a target of $96,000. Elsewhere, analyst Merlijn emphasized that Bitcoin is on the verge of a parabolic move, citing a bounce off the 50 EMA along with a bullish cross on the Stoch RSI. “ Historically, this has triggered MASSIVE parabolic moves. Don’t miss it,” he noted . BTC was trading at $88,431 at press time, reflecting a 1.59% drop in the past 24 hours.
