Bitcoin (BTC) continues to trade within a defined range, maintaining stability above crucial support levels. After recently dipping to $94,000 and recovering, BTC remains in consolidation, with traders monitoring price action for a potential breakout.

Whales Show Confidence with Large Accumulations

Recent on-chain data indicates that a newly created wallet withdrew 568,74 BTC from Binance at an average price of $96,769 — totaling over $55 million. Such substantial movements suggest investor confidence, as reducing exchange supply often correlates with long-term bullish sentiment.

Weakening Dollar Index Could Favor BTC

The U.S. Dollar Index (DXY) has formed a bearish cross on the MACD, historically aligning with Bitcoin’s price growth. As the dollar weakens, BTC often benefits from increased investor demand, adding fuel to a potential rally.

Can Bitcoin Overcome $99,500 Resistance?

Despite positive signals, BTC has yet to break above $99,500, a key resistance zone. A decisive move past this level could indicate further upside, while continued consolidation may signal caution among traders. The next few sessions will be crucial in determining Bitcoin’s near-term direction.