Bitcoin Nears Previous High as Whales Continue Accumulation and Technicals Signal Bullish Breakout

There is renewed buying activity from whales, with their combined holdings now reaching 3.57 million BTC, edging closer to previous all-time highs. This increase in whale balances suggests a robust demand and strategic accumulation. Miners also exhibit signs of stress, which could result in short-term price dips before a sustained increase. Last week's volatility, triggered by the conflicts between Elon Musk and Donald Trump, caused liquidations of $1 billion, yet Bitcoin quickly rebounded. Technical analysts observe a "cup and handle" pattern indicating a bullish breakout if prices surpass $108,000. Institutional involvement remains encouraging, with open interest up by $2 billion at low funding rates. Some traders anticipate a short squeeze, with support levels between $100,000 and $102,000, and resistance between $108,000 and $110,000, emphasizing the importance of maintaining above $100,000. Keep an eye on catalysts like increased selling activity, which could influence momentum.