Bitcoin bulls are regaining momentum, and on-chain data suggests a potential breakout toward $80,000 in the near term.
The asset is currently trading around $74,900, up 4.7% in the past 24 hours, after briefly touching $76,060, its highest level in over a month. This move comes as bulls attempt to build momentum above the critical $74K zone.
Key Points
- Bitcoin targets $80K as whales add 27,652 $BTC, boosting bullish breakout momentum above the $74K zone.
- The $BTC price faces $75K–$76K resistance with strong support near $71.5K per order books.
- Analysts see breakout toward $80K–$85K, with 70%+ odds if $72K support holds.
- Whales accumulate 27.6K $BTC as confidence rises, but rejection may trigger a pullback.
Liquidity Battle Defines Short-Term Direction
According to CoinGlass data, Bitcoin’s order book reveals a battleground. Heavy sell liquidity is stacked between $75,000 and $76,000, while strong bid support sits lower around $71,500.
This setup implies that holding above $74K keeps the bullish structure intact and opens the door for a push into the $75K–$76K resistance zone. However, failure to maintain this level could trigger a rotation back toward lower support levels.
Analysts See High Probability of $80K Break
Meanwhile, market analyst Michaël van de Poppe notes that Bitcoin is consolidating just below resistance and preparing for a potential breakout. He noted that if the price pushes above $75K with strong volume, he expects a move toward $80K–$85K, where higher timeframe resistance levels lie.
Interestingly, he adds that if the $72K support holds, the probability of Bitcoin reaching $80K this month rises significantly above 70%.
Strength in the broader market, despite ongoing geopolitical uncertainties, further supports this bullish outlook.
Van de Poppe also points out that such a move could trigger amplified gains across altcoins. He argues a 10% Bitcoin rally could translate into 20–30% gains for select altcoins.
Bitcoin Whale Accumulation
Elsewhere, on-chain data from Santiment shows that large Bitcoin holders, wallets with 1,000 to 10,000 $BTC, are increasing their positions. These whales now control over 4.25 million $BTC, representing 21.3% of the total supply. This is the highest level since mid-February.
Notably, these whales accumulated over 27,600 $BTC, worth more than $2 billion, in a single day. This signals strong confidence among large investors, which may explain the ongoing $BTC price rebound.
Ultimately, Bitcoin is at a key turning point, with strong support below and resistance ahead. If it decisively breaks above $75K, it could quickly move toward $80K and higher. If it gets rejected, a short pullback may come first.
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