Bitcoin Stabilizes Around $104K Amid Whale Accumulation Race and Institutional Support
Bitcoin (BTC) is holding steady around $104,000, up by over 1% in the past 24 hours, as market participants assess the cryptocurrency's next
Quick overview
- Bitcoin is currently stable around $104,000, having rebounded 36% from its April low of $74,500.
- Eric Trump highlighted a global trend of Bitcoin hoarding among wealthy investors during a recent conference.
- Bitcoin ETF inflows have dropped nearly 90% from late April, yet historical data shows price can still rise despite low inflows.
- Near-term predictions suggest Bitcoin will stabilize between $100,000 and $106,000, with potential for a breakout if certain technical indicators are met.
Bitcoin BTC/USD is holding steady around $104,000, up by over 1% in the past 24 hours, as market participants assess the cryptocurrency’s next move following its impressive 36% rebound from April’s low of $74,500. The cryptocurrency continues to attract significant attention from both institutional and high-profile investors.
Trump Family Highlights “Global Bitcoin Hoarding” Trend
“Everybody in the world is trying to hoard Bitcoin right now,” Eric Trump, co-founder of American Bitcoin and son of US President Donald Trump, said speaking at the Consensus 2025 conference in Toronto on May 15.
From sovereign wealth funds, I hear this. Rich families tell me about it. The largest firms tell me,” Trump said on a panel with Hut 8 CEO Asher Genoot. Trump spoke of two continuous races in Bitcoin: the mining race, in which Michael Saylor’s company American Bitcoin is participating, and the accumulating race, which is now under way.
BTC/USD Technical Indicators: Mixed Signals at Key Resistance
With a significant wall of sell orders stacking up, Bitcoin is finding difficulty surpassing the $105,000-$106,000 resistance zone. On May 14, the open interest for the cryptocurrency peaked at the record high $67.5 billion, with CME futures holding 22.9% market share.
While dropping trading volumes (down 11.40% to $44.33 billion in 24 hours) suggest the present consolidation may precede a major movement, a doji pattern on the weekly chart signals market hesitation. One last rejection from this zone in January set off a 27% correction.
Institutional Flows Slow While Whales Hold Strong
From $3 billion in late April to barely $228 million this week, Bitcoin ETF inflows dropped by almost 90%. But historical data reveals erratic relationship between ETF flows and price swings; Bitcoin sometimes rallies in spite of meager inflows.
Based on on-chain statistics, just 2.8% of investors underwater at the $102,000 level; 97% of Bitcoin supply is now in profit. More importantly, whales are making less profits during this surge than in past rallies, implying great faith in more upward possibility.
Macroeconomic Factors Remain Critical
Rebounding from $101,800 to $104,000 on May 15 in line with equities futures, Bitcoin’s price action has tightly matched the S&P 500. After Federal Reserve Chair Jerome Powell cautioned of “supply shocks” maintaining interest rates high, investors seem more sure the US Treasury will provide liquidity.
Historically a good indication of demand for fixed income, the drop in US 10-year Treasury yields to 4.45% from 4.55% points to declining trust in Treasury debt management.
Bitcoin Price Prediction: Consolidation Before Potential Breakout
Near term, Bitcoin seems destined to keep stabilizing between $100,000 and $106,000. Given significant whale buildup and somewhat low profit-taking, the solid support near $100,000 is probably going to remain.
Bitcoin would need strong momentum with the weekly RSI pushing above 70 and a close above the upper Bollinger Band if it were to show a convincing break. Should these criteria be satisfied, Bitcoin may challenge its all-time high of $109,000 by aiming at $120,000.
Traders should still exercise caution, though, since Bitcoin’s relationship with conventional markets suggests that negative macroeconomic events could induce more general risk-off attitude that would slow down more future developments. Though fundamentals indicate any notable decline would probably bring considerable buying interest, a collapse of the $100,000 support might see a fall toward the starting price of $93,000.
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