Bitcoin bulls are regaining momentum, and on-chain data suggests a potential breakout toward $80,000 in the near term.
The asset is currently trading around $74,900, up 4.7% in the past 24 hours, after briefly touching $76,060, its highest level in over a month. This move comes as bulls attempt to build momentum above the critical $74K zone.
Key Points
- Bitcoin targets $80K as whales add 27,652 BTC, boosting bullish breakout momentum above the $74K zone.
- The BTC price faces $75K–$76K resistance with strong support near $71.5K per order books.
- Analysts see breakout toward $80K–$85K, with 70%+ odds if $72K support holds.
- Whales accumulate 27.6K BTC as confidence rises, but rejection may trigger a pullback.
Liquidity Battle Defines Short-Term Direction
According to CoinGlass data, Bitcoin’s order book reveals a battleground. Heavy sell liquidity is stacked between $75,000 and $76,000, while strong bid support sits lower around $71,500.
This setup implies that holding above $74K keeps the bullish structure intact and opens the door for a push into the $75K–$76K resistance zone. However, failure to maintain this level could trigger a rotation back toward lower support levels.
Analysts See High Probability of $80K Break
Meanwhile, market analyst Michaël van de Poppe notes that Bitcoin is consolidating just below resistance and preparing for a potential breakout. He noted that if the price pushes above $75K with strong volume, he expects a move toward $80K–$85K, where higher timeframe resistance levels lie.
Interestingly, he adds that if the $72K support holds, the probability of Bitcoin reaching $80K this month rises significantly above 70%.
Strength in the broader market, despite ongoing geopolitical uncertainties, further supports this bullish outlook.
Van de Poppe also points out that such a move could trigger amplified gains across altcoins. He argues a 10% Bitcoin rally could translate into 20–30% gains for select altcoins.
Bitcoin Whale Accumulation
Elsewhere, on-chain data from Santiment shows that large Bitcoin holders, wallets with 1,000 to 10,000 BTC, are increasing their positions. These whales now control over 4.25 million BTC, representing 21.3% of the total supply. This is the highest level since mid-February.
Notably, these whales accumulated over 27,600 BTC, worth more than $2 billion, in a single day. This signals strong confidence among large investors, which may explain the ongoing BTC price rebound.
Ultimately, Bitcoin is at a key turning point, with strong support below and resistance ahead. If it decisively breaks above $75K, it could quickly move toward $80K and higher. If it gets rejected, a short pullback may come first.
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.
