Bitcoin struggles below $95K amid profit-booking by short-term holders and miners. Will institutional demand and whale accumulation lead to a breakout rally?
Following an intense bullish start this week, the bullish momentum in Bitcoin and the crypto market is gradually waning. With the loss of momentum, Bitcoin is back at $93,308, with an intraday pullback of 0.75%.
This comes with the bullish struggle to sustain above the $94,000 level. Will rising institutional support and declining exchange supply help Bitcoin sustain the recovery rally?
Bitcoin Price Analysis: Key Barricade Near $95K
In the daily chart, the BTC price trend showcases a double-bottom breakout rally gaining momentum. The uptrend has surpassed the 100 EMA line to reach the 78.60% Fibonacci level at $94,959.
After a streak of six consecutive bullish candles, the Bitcoin price witnessed an intraday pullback. This reflects a sudden decline in bullish momentum, increasing the possibility of a potential retest.
However, the prevailing recovery run has led to a massive uptick in the 50-100 EMA lines, teasing a bullish crossover. Furthermore, the prevailing surge in momentum sustains the positive trend in the MACD and signal lines. This highlights the possibility of a potential breakout rally.
Based on the Fibonacci levels, the 78.60% Fibonacci level breakout at $94,959 will likely push past the $100,000 mark. This could drive BTC prices to the 100% Fibonacci at $106,184.
On the flip side, crucial support remains at the 100 EMA line at $87,850.
New Wave of Positive Inflows Surge Bitcoin Demand
Over the past 5 days, U.S. Bitcoin spot ETFs have recorded consecutive net inflows. On April 17, ETFs recorded $107 million in inflows, peaking at $936 million.
On April 24, the daily total net inflows stood at $442 million. BlackRock accounted for an inflow of $327 million, followed by ARK Invest at $97.02 million.
Bitwise and Invesco saw inflows of $10.2 million and $7.5 million, respectively, while other ETFs recorded zero flow. The continuous surge in ETF inflows fuels rising demand and the possibility of an extended rally.
Whales and Sharks Add More BTC as Prices Bounce Back
Along with the Bitcoin ETFs, crypto whales are expanding their Bitcoin portfolios. As per the recent tweet by Santiment, the 11% Bitcoin value surge has led to a new buying spree by key Bitcoin whales and sharks.
According to the data, Bitcoin wallets holding 10 to 10,000 BTC have added 19,255 BTC tokens over the past week. With the enormous surge in whale and shark holdings, the demand for Bitcoin could continue to surge.
However, the recent price surge has led to a minor profit booking by short-term holders and Bitcoin miners.
Profit Taking
According to a tweet by Maartunn, an analyst for CryptoQuant, short-term holders are booking profits. In the past 24 hours, the STH P&L to Exchanges data reveals 47,428 BTC in profits sent to exchanges. This is one of the largest profit-taking spikes from short-term holders in the past few weeks.
Short-Term Holders just sent 47,428 BTC in profit to exchanges in the last 24h 🚨
This is the largest profit-taking spike from STHs in weeks. pic.twitter.com/vnIoiesiZM
— Maartunn (@JA_Maartun) April 24, 2025
Additionally, Bitcoin miners have added supply to the market during the recent recovery run. Ali Martinez, a crypto analyst, has highlighted that early miners realized a profit surge to $18.57 million as Bitcoin crossed the $93,000 mark.
While the short-term supply surge seems to be the reason behind the intraday pullback, the growing support from institutions and crypto whales will likely propel BTC prices higher.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
