Bitcoin Price Reaches New Heights: Can Whale Activity Push BTC to $95,000?

The Bitcoin price (BTC) surpassed its key resistance threshold despite strong rejections surrounding this area last week. Beginning from April 13, the Bitcoin price encountered multiple rejections in the area surrounding its 200-day Exponential Moving Average (EMA) at $85,000. BTC has managed to break through key resistance, exchanging hands at the $87,457 mark, a 2% surge on the first trading day of this week.

Bitcoin Price Outlook: BTC Support and Resistance Levels

The ongoing upward trend of BTC may drive it to challenge the significant psychological resistance at $90,000. The successful closure above this resistance could start a new trend toward reaching the $95,000 level, last tested on March 2.

Image 1- Bitcoin price chart, provided by Emmaculate, published on TradingView, April 21, 2025.

Meanwhile, technical indicators uphold the bigger picture bullish, tilting the odds towards the bulls. The 4-hour Relative Strength Index is 72.93, indicating intense buying pressure. A steady movement of the RSI above its baseline indicator of 50 confirms lasting bullish market trends.

However, with the RSI in overbought territory, investors may commence early profiteering. A slight retracement will cause the Bitcoin price to retest its support area at $85,000 in such a case.

Meanwhile, more BTC whales join market activity because the number of crypto addresses controlling over 1,000 BTC coins has continuously grown. The period from March to April brought the emergence of over 60 new whale addresses, during which whale accumulation became stronger while Bitcoin’s prices oscillated. The market experienced a fundamental change as the mid-April total of whale addresses exceeded 2,107 positions.

BTC Whales are Gaining Confidence- Will Bitcoin Price Hit $95,000?

Despite existing price drops, bitcoin price fluctuations have not deterred major holders from buying more. The sudden increase in whale addresses keeping more than 1,000 BTC demonstrates market optimism because the count rose beyond 2,100 by mid-April. The information reflects a similarity between past price surges, indicating that whales may be preparing for substantial upward price potential.

Image 2- Number of Addresses with BTC over 1000, provided by Glassnode, April 21, 2025.

The crypto market received additional bullish momentum after Bitcoin escaped its exchange pattern. According to analyst projections, the market appears poised to cross the six-figure target with Bitcoin because it has displayed signs of breaking away from its extended falling wedge pattern. A consistent purchase pattern among whales and a price surge indicate a market-transforming bullish rally that may appear by May.

Smaller Holders Lose Ground as Whales Take Over

The exchange rate for Bitcoin has been unfavorable for investors possessing between 1 and 10 Bitcoin since large investors continue to profit. Large investors grasp the approaching bullish rally in the Bitcoin market when they take massive Bitcoin acquisitions into their holdings, thus asserting their growing control across this market sector. The cryptocurrency market momentum follows the growing control exercised by whales after smaller holders demonstrate a declining trend.

Image 3- BTC whale position, provided by Mister Crypto, published on X, April 20, 2025.

According to Glassnode, the BTC whales with more than 10,000 coins are still building their positions because investors continue purchasing at lower prices. According to Bitcoin trader Mister Crypto, on April 20, he believes that whales possess vast amounts of Bitcoin because they know Bitcoin’s next direction.

Whales who maintain control within the Bitcoin marketplace deeply affect how the cryptocurrency market develops. Their steady accumulation of Bitcoin, even during periods of price decline, signals a potential resurgence in the coming months.