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Bitcoin Holds Strong Above $100K as Bulls Target $110K

  • Bitcoin remains above $100,000 but struggles to break $106,000 resistance.
  • Technical indicators show mixed signals, with potential for either a breakout or consolidation.
  • Whale holdings hit yearly lows but are recovering, hinting at renewed accumulation.

Bitcoin has been holding steady above $100,000 for the past three days, despite some market volatility. The next big test? Breaking through $106,000, a level that has repeatedly stalled BTC’s upward momentum.

If bulls manage to clear this hurdle, Bitcoin could quickly climb toward $110,000, setting the stage for new all-time highs. On the flip side, failure to break $106K might trigger a pullback to key support levels.

Technical Indicators: Mixed Signals for Bitcoin

The Ichimoku Cloud, a popular trend-following indicator, is giving a mixed outlook on Bitcoin’s next move.

  • BTC is trading above the Tenkan-sen (blue line), signaling short-term bullish momentum.
  • The Kijun-sen (red line) is slightly lower, which could support a trend continuation.
  • The Chikou Span (green line) is above previous price action, reinforcing a bullish bias.
  • However, the Kumo (cloud) is thin, meaning less resistance ahead but also weaker support if Bitcoin retraces.

What does this mean? Bitcoin’s trend isn’t fully confirmed yet. If BTC stays above the Ichimoku Cloud, the bullish case strengthens. But if it dips back inside, expect consolidation or short-term uncertainty.

Whales Are Returning—A Sign of Strength?

Another factor to watch? Whale activity.

Over the past two weeks, the number of Bitcoin addresses holding at least 1,000 BTC dropped from 2,061 to 2,034—the lowest level since February 2024. This suggested that large holders were either cashing out or reallocating funds, raising concerns about a potential price correction.

However, there’s good news: Whales are coming back.

The number of large BTC holders has climbed back to 2,039, signaling that big investors may be accumulating again. If this trend continues, Bitcoin’s price could find solid support and push higher in the coming weeks.

Will Bitcoin Hit $110K in February?

Bitcoin’s Exponential Moving Averages (EMA) recently formed a golden cross, a bullish signal that suggests strong upward momentum.

But $106,000 remains the key resistance level. If Bitcoin successfully breaks past $106K, we could see:

  • A test of $107,000
  • A rally toward $108,000
  • And potentially $110,000 if buying pressure remains strong

On the downside, if Bitcoin fails to hold momentum, support levels to watch include:

  • $101,296—a key level that needs to hold to prevent a deeper pullback.
  • If that breaks, $99,486 could be the next target.
  • A further drop might see BTC retest $95,800, where buyers are expected to step in.

Final Thoughts

Bitcoin is at a critical moment. If bulls push past $106K, the road to $110,000 and beyond could be wide open.

However, failure to break this resistance could lead to short-term corrections before BTC gears up for its next major move.

For now, whales accumulating again is a strong sign, but traders should watch key levels closely.