Bitcoin jumped past $94K after 54 days of consolidation, reaching $96.8K, as analysts point to $105K-$106K as the next key target.
Bitcoin has moved above $94,000 after staying in a tight range for more than seven weeks. The breakout has shifted market focus to higher levels, with $105,000 to $106,000 now being watched.
The breakout, marked by increased trading activity, pushed Bitcoin sharply higher, reaching $96,800, a two-month high. At press time, the asset traded at around $95,000, indicating a more than 3% increase in the past 34 hours.
Crypto Patel, a market analyst, shared a chart showing that BTC had broken past a key resistance level near $94,000. This level had held the price down for 54 days. Once the breakout occurred, Bitcoin climbed quickly, suggesting strong buying interest.
The $94,000 level has now become a key support. If Bitcoin stays above this zone, the next target is between $105,000 and $106,000. This range has acted as resistance in past market cycles. The move also confirms a bullish reversal pattern, which had formed during the earlier consolidation phase.
Data shared by CryptosRus shows that large spot orders began to appear around the $90,000 mark.
“Small orders are quiet. What stands out are mid-to-large spot orders showing up consistently,” the report said.
This activity is happening while the US continues to work on market regulation rules. As new policies around Bitcoin become clearer, some bigger investors are starting to buy. These investors tend to build positions early, before wider retail interest appears. The current price action shows demand from long-term capital rather than short-term traders.
Despite this, some blockchain data is showing early warning signs from long-term Bitcoin holders. The SOPR (Spent Output Profit Ratio) for this group has dropped below 1.0. This means that some are starting to sell at a loss.
In the past year, wallets holding between 1,000 and 10,000 BTC have sold about 220,000 coins. That amount is worth over $20 billion. A shift of this size could affect short-term price movements, especially if more holders follow.
Bitcoin’s climb above $96,000 followed US economic news, including a call by President Trump for lower interest rates after a soft inflation report.
At the same time, Bitcoin held by companies has increased. According to Glassnode, corporate holdings grew from around 854,000 BTC to 1.11 million BTC over the last six months. This shows a steady rise in balance sheet exposure to the cryptocurrency.
However, some analysts note that retail buyers have not returned in force. IT Tech posted,
“Retail is missing in this Bitcoin move.”
The 30-day change in demand from small buyers is still negative. Without this group, moves higher may face more pressure during pullbacks.
