Bitcoin has begun a fresh upward move, surging past $92,000 and attempting to break higher despite encountering key resistance levels.
After clearing the $92,500 resistance zone, the cryptocurrency reached a high of $94,050 before slightly pulling back. At the time of reporting, Bitcoin is trading around $92,653.
Despite the minor retracement, Bitcoin remains above the 23.6% Fibonacci retracement level of its move from the $83,870 swing low to the $94,050 high, suggesting bullish momentum remains intact. If buying pressure continues, the asset may attempt another move higher.
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Analysts note that the next major resistance lies at $95,000. A close above this threshold could push Bitcoin toward the $95,850 level. Further gains may open the path to $96,500, followed by the next barriers at $97,200 and $98,000.
Bitcoin’s rebound appears to be driven largely by whale activity. On-chain data shows a significant divergence in behavior between whale investors and retail traders during the recent correction. While retail participants sold amid fear as BTC declined from its $126,000 high, whales accumulated aggressively—a pattern historically associated with early stages of bullish trend reversals.
A new Whale vs. Retail Delta chart from Alphatractal highlights one of the largest whale accumulation spikes in nearly two years. As smaller traders exited positions, major holders absorbed liquidity at scale, suggesting strong confidence in medium-term upside. Historically, similar accumulation phases have preceded key Bitcoin breakouts, including its surges above $40K, $70K, and $140K.
Reports indicate that since Bitcoin’s drop toward the $80,500 range, buying pressure has strengthened in an attempt to counter remaining bearish influence. On-chain trends suggest that the latest correction may represent an opportunity rather than weakness. If whale accumulation continues at this pace, Bitcoin could realistically retest the $105K–$108K range in the near term.
Market sentiment also reflects cautious optimism. BitMine Chair Tom Lee recently stated that he believes Bitcoin could reclaim the $100,000 level before year-end.
Still, uncertainty remains regarding Bitcoin’s year-end performance. December has historically been a quieter month, averaging returns of just 4.69% since 2013, according to CoinGlass. However, recent movements have defied seasonal patterns as November ended with a 17.67% decline, despite traditionally being Bitcoin’s strongest month with an average return of 41.12%.
Overall, with whales accumulating at a pace last seen nearly two years ago and retail sentiment cooling, Bitcoin may be entering a classic early recovery phase, one that historically precedes meaningful upward continuation.
As long as Bitcoin holds above critical support levels near $90,000 and remains above the 23.6% Fibonacci retracement zone, bulls remain in control.
If whale accumulation continues and macroeconomic conditions remain supportive, Bitcoin may revisit the $105K–$108K range in the short term. However, December’s historically modest performance introduces uncertainty, and volatile price swings should still be expected.
Outlook
Bitcoin’s current market structure suggests a cautiously bullish outlook in the short to medium term. The recent rebound above $92,000, combined with strong whale accumulation, indicates that institutional and large-scale investors are positioning for potential upside even as retail sentiment remains mixed.
Overall, Bitcoin appears to be entering an early-stage recovery phase. The combination of strong on-chain accumulation, stabilizing technical indicators, and renewed institutional interest gives the market a constructive outlook, though not without short-term risks or pullbacks.