The rise of Bitcoin to a $2 trillion global asset has shifted its perception as a better store of value to reality.
Gold price rallied to a new all-time high on Wednesday, signaling BTC price could follow in the same path.
Bitcoin price has established a significant support level of around $96.2K in the past few days. The flagship coin rebounded nearly 2% in the past 24 hours to trade above $98.1K on Thursday, February 6, during the mid-London session. The relief rebound has pushed Bitcoin price above the four-hour falling logarithmic trend, signaling a potential bullish breakout toward an all-time high soon.
In the daily time frame, Bitcoin price has established a horizontal consolidation channel with the upper and lower borders at about $108.4K and $91.4K respectively. After rebounding from the lower border of the multi-week consolidation earlier this week, Bitcoin price has been forming a bullish pennant in the last few days.
A consistent bullish breakout above the 4-hour falling logarithmic trend will yield at least a 7% rally toward the all-time high. The BTC price bullish sentiment will, however, be invalidated if the support level around $96.2K is breached.
In case of further correction for BTC price, the support level above $91.4K will likely hold in preparation for the thrilling phase of the 2025 bull run.
Bitcoin Whales Are Relentlessly Accumulating
As the Donald Trump global trade war via tariffs heightens the short-term macroeconomic outlook, the cryptocurrency market has experienced bearish sentiment. The bearish sentiment, which has caused heavy crypto liquidations in the past few days, has pushed more retail traders to the stablecoins market.
According to on-chain data analysis provided by Santiment, whale investors, with a balance of at least 100 BTCs, have increased by 135 in February. On the other hand, small retail traders, with an account balance of below 100 BTCs, have declined by 138,680 wallets since the beginning of February.
“This is an ideal setup for crypto market caps to rise, even if it takes a few more weeks (or even months) to see the generally bullish impact of coins being absorbed by whales,” Santiment .
Among the whale investors betting on an inevitable rise of Bitcoin towards a new all-time high in the near future are the US spot BTC ETF issuers. Furthermore, Bitcoin price has been showing a positive correlation with Gold and major stock indexes in the long haul.
With Gold price having rallied to a new all-time high of about $2,881 on Wednesday, the chances of Bitcoin price following in the same path in the coming weeks have significantly increased.
As a result, ’s IBIT has led other spot BTC ETF issuers to accumulate more coins amid the ongoing correction.
On Wednesday, BlackRock’s IBIT recorded a net cash inflow of about $44 million, while Fidelity’s FBTC and WisdomTree Bitcoin Trust (BTCW) registered a net cash inflow of about $10.6M and $11.3M respectively.