Bitcoin Long-Term Holders Accumulate 330,000 BTC..."Now it's going to $90,000"

▲ Bitcoin (BTC)

As Bitcoin (BTC) touched the $81,000 mark, buying pressure from long-term holders and institutional investors converged, raising expectations for further price increases.

Cointelegraph reported on May 5 (local time) that Bitcoin surged to $81,300 during intraday trading, recording a weekly gain of 5% and a 30-day gain of 21%. This rally coincided with accumulation by long-term holders. According to CryptoQuant data, long-term holders net-increased their holdings by 331,000 BTC over the past 30 days. This represents approximately 1.6% of the total supply, interpreted as an intensification of long-term investor accumulation during the price recovery phase.

Institutional capital inflows are also supporting the uptrend. US spot Bitcoin ETFs recorded net inflows for three consecutive trading days recently, with total inflows reaching $1.18 billion. Cointelegraph reported that $532 million flowed into spot Bitcoin ETFs on May 4 alone. This is interpreted as a signal that institutional investors' demand for Bitcoin is strengthening once again.

In the market, the $84,000 range is being identified as the next key resistance level. On Bitcoin's liquidation heatmap, as liquidity around $80,000 is absorbed, numerous buy orders appear to remain between the spot price and $84,600. Analyst AlphaBTC commented that Bitcoin is moving in search of liquidity, and the range up to $84,000 looks attractive.

From a technical analysis perspective, Bitcoin confirmed a bullish structure by breaking above the top of its bull flag at $77,500 on the daily chart. If the daily closing price forms above $82,000, where the 200-day exponential moving average is located, the continuation of the uptrend could be confirmed, opening up room for a rally to the bull flag's target price of $94,800, according to analysis. This implies approximately an 18% further increase from the current level.

Bullish signals were also detected on the weekly chart. Cryptocurrency investor Cryptocupra suggested the possibility of a macro bottom forming for Bitcoin after a golden cross on the weekly Moving Average Convergence Divergence (MACD) indicator. Cointelegraph also relayed a forecast that Bitcoin could rise to $92,000 if it breaks past the $84,000 resistance level.

Ultimately, Bitcoin's next direction hinges on whether it breaks past $82,000 and $84,000. With large-scale accumulation by long-term holders, spot ETF inflows, and a bull flag breakout occurring simultaneously, the market is eyeing the possibility of re-entering the $90,000 range.

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