tl;dr
Bitcoin recently surpassed $87,000, driven by favorable macroeconomic conditions and increased investor confidence. Whale and shark addresses have accumulated about 53,652 BTC, signaling strong long-term belief in Bitcoin's potential. However, long-term holders' profits are at a two-year low, with s...
Bitcoin’s price recently surged past $87,000, fueled by favorable macroeconomic conditions and robust investor conviction. Despite this impressive rally, long-term holders’ profits have dipped to a two-year low, indicating a cautious stance among some market participants.
Notably, whale and shark addresses—those holding between 10 and 10,000 BTC—have been quietly accumulating, adding over 53,000 BTC in recent weeks. This sizeable accumulation, valued at nearly $4.7 billion, signals strong confidence among large investors in Bitcoin’s long-term growth potential.
Meanwhile, the MVRV Long/Short Difference indicator has reached a two-year low, showing short-term holders dominate realized profits. This trend suggests that selling pressure and market volatility could intensify if short-term holders decide to cash out their gains. The growing influence of these holders may add unpredictability to Bitcoin’s near-term price action.
Currently, Bitcoin trades above a key support level at $86,822 and is targeting the psychological resistance of $90,000. Successfully breaking this barrier could boost investor confidence and propel further price increases. However, failure to maintain support risks a decline first to $85,204 and potentially down to $82,503, erasing much of the recent gains.
As Bitcoin teeters on this critical juncture, investors are watching closely. Will the whales’ conviction carry the crypto king past $90,000, or will short-term profit-taking trigger a pullback? This dynamic sets the stage for an engaging period ahead in the cryptocurrency market.