Bitcoin Breaks $94K Barrier After 54 Days, Eyes $105K

After more than seven weeks of trading within a tight range, Bitcoin finally staged a decisive breakout, climbing above the critical $94,000 level. Market analyst Crypto Patel highlighted this move, noting that the $94,000 zone had acted as a key resistance for 54 days, effectively capping price advances. The successful breach of this barrier was marked by a sharp price increase to $96,800, representing a gain of over 3% within 34 hours. This action confirmed a bullish reversal pattern that had formed during the extended consolidation phase.

Technically, the significance of this breakout lies in the role reversal of the $94,000 level. Having been a ceiling for nearly two months, it has now transformed into a crucial support zone. Analysts posit that maintaining a price above this support is essential for the next leg upward. The primary target now lies between $105,000 and $106,000, a range that has historically acted as a significant resistance area in past market cycles. The speed of the ascent following the breakout suggests strong underlying buying interest, setting the stage for a test of these higher levels.

The breakout coincided with a notable shift in buying behavior, as reported by CryptosRus. Data indicates that while small retail orders remained quiet, consistent mid-to-large spot orders began appearing around the $90,000 mark. This activity signals demand from larger, potentially institutional, investors who are building positions. This trend is unfolding against a backdrop of evolving cryptocurrency regulation in the United States, suggesting these investors are positioning themselves early in anticipation of clearer policy frameworks.

This institutional narrative is powerfully reinforced by data from Glassnode. Over the past six months, Bitcoin holdings on corporate balance sheets—encompassing both public and private companies—have surged from approximately 854,000 BTC to 1.11 million BTC. This increase of roughly 260,000 BTC, or about 43,000 BTC per month, underscores a steady and significant expansion of institutional exposure to Bitcoin as a treasury asset. The timing of Bitcoin’s price surge, following U.S. economic news including commentary from President Trump on interest rates, further links macroeconomic policy perceptions to cryptocurrency market movements.

Despite the bullish price action and institutional accumulation, blockchain data reveals potential headwinds. A key on-chain metric, the Spent Output Profit Ratio (SOPR) for long-term holders, has fallen below 1.0. This indicates that some of these seasoned investors are beginning to sell their Bitcoin at a loss, an early warning sign that often precedes increased distribution pressure. This activity is part of a broader trend; over the past year, wallets holding between 1,000 and 10,000 BTC have divested approximately 220,000 coins, a sell-off worth over $20 billion.

Compounding this dynamic is the conspicuous lack of retail participation. As noted by IT Tech, “Retail is missing in this Bitcoin move.” The 30-day change in demand from smaller buyers remains negative. The absence of this cohort, which typically provides buoyancy during market dips, means that upward moves may face increased pressure during inevitable pullbacks. The current market structure, therefore, presents a dichotomy: strong institutional and large-scale spot buying is driving the breakout, but selling from long-term holders and weak retail demand could challenge the rally’s momentum, creating a more volatile path toward the $105,000 target.