Bitcoin price surges 10% from 8-week low despite lack of whale activity
Bitcoin rebounds to $97,500 after an eight-week low of $89,000
Bitcoin has surged to an eight-month-high above $97,500, recovering from an eight-week low of $89,000 just two days prior.
This sharp rebound has drawn attention to key technical levels and market activity, raising questions about whether Bitcoin can sustain its momentum and challenge the $100,000 threshold.
On January 13, Bitcoin dropped to $89,000, its lowest point in eight weeks. The price decline triggered a breach of the critical short-term support level, a move some analysts describe as “stop hunting.” Such patterns often involve temporary dips below support levels before a recovery ensues.
BTC price dynamics (December 2024-January 2025). Source: TradingView.
By the end of the same day, Bitcoin had recovered sharply to $94,000. The upward momentum extended into January 14, with the cryptocurrency gaining another 3% and breaking above the 100 EMA on the 4-hour chart. Today, January 15, Bitcoin has climbed even higher during the Asian session, surpassing the previous day’s high and reaching $97,500—a level not seen in eight days.
Bitcoin price forecast: Lack of whale activities contradicts technical bias
Mignolet’s analysis highlights that unlike typical scenarios where bullish whales step in to absorb dips, such activity has been notably absent this time. Binance’s market-buy ratio data further reveals that large-scale buyers have refrained from capitalizing on recent price movements, reflecting a more subdued response from key players. Additional data from exchange-traded fund (ETF) inflows and outflows also suggests no significant shifts in market dynamics, adding to the uncertainty around Bitcoin’s ability to maintain its upward trajectory.
Currently, the 100 EMA on the 4-hour chart, positioned at $95,700, serves as a key support level. Bitcoin’s Relative Strength Index (RSI) remains above 50, also indicates continued strength and room for further upward movement. Its sustainability hinges on breaking above the psychological $100,000 mark and attracting stronger participation from whales and institutional players.
Critical remarks from JPMorgan CEO Jamie Dimon coincided with Bitcoin's dip to $89,000. Bitcoin rebounded sharply climbing to $94,000 after breaking below the $92,000 support.
