Bitcoin (BTC) is making a strong comeback, approaching the $100,000 mark after weeks of consolidation. The top cryptocurrency has climbed to $98,091, marking a 1.2% daily gain and 2.6% rise over the past week.
Amidst this price recovery, on-chain data shows a surge in whale activity on Bitfinex, raising speculation about an imminent breakout.
Bitfinex Whales Drive Market Momentum
According to CryptoQuant analyst Mignolet, whales on Bitfinex have been significantly increasing their leverage positions, causing a sharp rise in the “all exchange leverage ratio.” This metric, which tracks the amount of leverage used on trading platforms, has hit an all-time high.
Interestingly, while Binance’s leverage ratio has returned to previous consolidation levels, Bitfinex shows a contrasting trend, suggesting a major shift in market sentiment.
Mignolet emphasizes that while high leverage does not guarantee a specific price direction, the increased whale movement on Bitfinex signals potential volatility ahead.
With Bitcoin stabilizing above $98,000, the next move by these large traders could determine whether BTC pushes past $100K or falls into another consolidation phase.
Bitcoin Faces Strong Demand Zone—Key Levels to Watch
Despite still being 8.7% below its all-time high of $109,000, Bitcoin shows strong resilience. Data from IntoTheBlock highlights the formation of a “massive demand zone” just below the current price, which could act as a strong support level in case of downward pressure.
With whale activity rising and a robust demand zone forming, traders closely watch key resistance levels. If BTC breaks past $100K, analysts predict a move toward $105K-$110K in the short term.
However, failure to maintain momentum could lead to another correction, with support near $95K acting as a crucial buffer.
What’s Next for Bitcoin?
The question remains: Are whales positioning for a breakout, or is another consolidation ahead?
With the SEC’s decision on Ethereum ETFs approaching and macro factors influencing crypto markets, Bitcoin’s next major move could define the trend for the coming weeks.
Traders should monitor whale activity, leverage data, and key resistance levels as BTC continues its push toward six digits.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile—conduct your own research before making investment decisions.
