Bitcoin (BTC) price has remained above $100K for the past three days, showing resilience despite recent volatility. A golden crossover has formed on BTC’s EMA lines, indicating potential for an upside breakout if key resistance levels are overcome.
However, BTC has struggled to break above $106K, and failure to do so could lead to a retest of lower support levels. Whether BTC can push towards $110K or face a pullback depends on how it reacts to these critical price zones in the coming days.
BTC’s Ichimoku Cloud Shows Mixed Signals
The Ichimoku Cloud chart for Bitcoin presents a mixed outlook. As such, the price is currently above the Tenkan-sen (blue line), indicating short-term bullish momentum. However, the Kijun-sen (red line) is slightly lower, suggesting a possible continuation of the trend if the price remains above it.
Furthermore, the Chikou Span (green lagging line) is above most of the past price action, reinforcing the current bullish bias. However, the Kumo (cloud) has a thin structure ahead, signifying less support or resistance strength in the near future.
BTC Ichimoku Cloud. Source: TradingView
The cloud itself is changing from red to green, which usually signals a potential trend change to bullish conditions. However, the flat nature of the Senkou Span B (red boundary of the cloud) suggests some hesitation at the moment. If Bitcoin price remains above the cloud, the bullish bias strengthens, but any dip back into the cloud could indicate consolidation or indecision.
The thin cloud in the future means that the trend lacks strong conviction, making the next few candles crucial in determining whether BTC can maintain its upward trajectory.
Bitcoin Whales Drop to Yearly Lows
The number of whales holding at least 1,000 BTC dropped significantly between January 22 and January 29, from 2,061 to 2,034, the lowest level since February 2024. Thus, this steady decline suggested that large holders were reducing their exposure, potentially signaling reduced confidence or profit-taking in the market.
Number of addresses with at least a thousand BTC. Source: Glassnode
Therefore, tracking whale activity is crucial because these large holders often influence market trends. When whales accumulate, it can indicate growing confidence and potential for price appreciation, while distribution phases can precede declines or increased volatility. Therefore, their movements provide insights into broader market sentiment and potential trend changes.
After consecutive drops, the number of whales has started to rise again, currently back at 2,039. While this remains low compared to previous months, it could signal a return of large holders to BTC. If this trend continues, it could indicate a fresh accumulation, which could support the price of BTC in the coming days.
BTC Price Prediction: $110K in February?
BTC’s EMA lines recently formed a golden crossover, signaling potential bullish momentum, but the price has struggled to break above $106,000. If Bitcoin makes another attempt and breaks above this level, it could quickly test $107,000.
A break above this resistance could push Bitcoin price towards $108,000, and if buying pressure remains strong, it could even reach $110,000, marking a new all-time high.
BTC Price Analysis. Source: TradingView
On the other hand, if BTC price fails to maintain momentum and the trend reverses, it could drop to $101,296, a key support level. Losing this level could accelerate selling pressure, pushing BTC to $99,486.
If this support also breaks, BTC could continue its decline towards $95,800, at which point buyers could step in to prevent further declines.
The article Bitcoin Forecast: “Golden Cross” Forms and Encourages Market was first seen on BeInCrypto Brazil.
