Bitcoin, the pioneering cryptocurrency, registered a 0.12% gain during Thursday’s US market session and is currently trading at $75,000. Despite the slight increase, Bitcoin price has shown significant downside rejection on the daily candlesticks, indicating that demand from bottom levels is intact. Buying pressure received an initial boost from the easing of tensions in the war between the United States and Iran, while the pace of whale accumulation reaches multi-year highs, pointing to the potential for further growth.
$BTC Exchanges hit 2017 lows and supply tightness worsens
In the past 24 hours, the global cryptocurrency market capitalization rose by 0.54%, reaching a value of $2.53 trillion. Although the bullish momentum is weak, it shows sustainability after last week’s attempted recovery that pushed Bitcoin above $75,000.
Market sentiment remains neutral to moderately bullish as the US and Iran are in active and indirect talks to extend the current ceasefire. Additionally, Pakistan also pushed for holding a second round of peace talks between the two countries to further alleviate geopolitical uncertainties.
While the weak momentum of the recovery may raise concerns among retail investors, large investors have expressed strong investment confidence. $BTCpossibility of recovery.
According to data shown by Bitfinex, large Bitcoin investors, often referred to as whales, purchased approximately 270,000 Bitcoins. $BTC This is the group’s most active buying momentum since 2013.
At the same time, the amount of Bitcoin held on major exchanges has fallen to its lowest level since December 2017. This tightening of the supply of coins available to the platform comes as the overall liquid supply that can meet new demand is shrinking.
Confluence refers to the growing concentration of Bitcoin among long-term investors with persistently low exchange liquidity.
Additionally, Coinglass data on the Bitcoin order book shows that there is a large concentration of liquidity around the ~$78,000 sell wall. The price is being pulled into this zone, which could lead to high selling pressure and severe resistance. There is still strong buying interest between $71,000 and $73,000.
Bitcoin price breakout from channel pattern signals possible surge to $84,400
Over the past two weeks, the price of Bitcoin has rebounded from $64,955 to its current trading price of $75,100, marking a 15% increase. Amid this recovery, the coin price on Monday made a decisive break from the resistance trend line of the long-standing descending channel pattern.
From early October 2025, $BTC Price resonated between the two parallel trend lines of this pattern in a steady correction trend. This breakout signals a major change in market sentiment and strengthens prices towards a new recovery going forward.
If this bullish momentum continues, the price could rise another 12.75% to the $84,400 resistance and then surge towards $98,300.
Conversely, if Bitcoin price fails to sustain this breakout and reverses within the channel pattern, the previous breakout will be marked as a bull trap, further accelerating the market’s selling pressure.
