The broader digital currency ecosystem is watching the next Bitcoin (BTC) price trend amid recent bullish shift in the top coin.
The price of Bitcoin surged over $81,000 on April 9 after US President Donald Trump announced a 90-day pause in reciprocal tariffs.
The alleviation of inflation fears following the release of the Consumer Price Index (CPI) data also contributed to the BTC rally.
Definitive Bitcoin Price Support and Resistance Levels
Popular onchain data analytics platform CryptoQuant has weighed in on the Bitcoin price action.
According to CryptoQuant, $84,000 and $96,000 are the main levels to watch if Bitcoin continues its upward momentum.
In an X post, CryptoQuant attached a chart showing $84,000 and $96,000 as support earlier this cycle.
However, these levels now risk flipping into resistance if market momentum fades. Bitcoin will not likely create any long-term bullish momentum until it breaks above these levels.
The failure of Bitcoin to recover key resistance levels raises the possibility that a bearish cycle will continue.
Bitcoin may face more downward pressure soon if there is no substantial market change or a spike in buying volume.
A break below $84,000 might lead to price drops and a test of the lower support zone around $78,000.
The lower highs recorded during earlier recovery attempts also point to a continuous battle against selling pressure.
Bitcoin investors are concerned about the market’s incapacity to maintain bullish momentum.
However, Bitcoin has moved over $84,000 on multiple occasions. Hence, it is not difficult for a strong asset like Bitcoin to return as the broader market becomes stable.
Massive BTC Accumulation Spotted
Meanwhile, large Bitcoin investors have continued to show interest in the leading cryptocurrency.
According to CryptoQuant data, 48,575 BTC were sent to accumulation addresses in the last 24 hours.
This Bitcoin assets, worth around $3.9 billion, shows an uptick in large transactions. It is also the largest single-day inflow since February 1, 2022.
At that time, accumulation addresses absorbed nearly 95,000 BTC, while Bitcoin price traded at around $38,400.
CryptoQuant analyst Burakkesmeci noted smaller inflows recently in these wallets.
Following the sell-off triggered by Trump’s renewed tariff war with China, large investors quickly scooped BTC at around $76,000.
This suggests that these addresses are quick to accumulate during market dips. In March, Bitcoin Whales accumulated 62,000 BTC after a year of low buying.
Where is the Bitcoin Price Heading?
At press time, BTC price was trading at $82,457, up 3.4% in the last 24 hours. However, the trading volume plummeted by 33% to $44.7 billion.
If neither bulls nor bears seize the initiative, ongoing sideways trading in the area of $80,000 to $84,000 is the most likely scenario.
If the weekly bar closes far from that mark, the bounceback may continue to the $87,000 to $90,000 zone.
Cardano founder Charles Hoskinson recently predicted that Bitcoin price could reach $250,000 by the end of this year.
He highlighted the rising crypto adoption by tech giants, including Apple and Microsoft, as a major factor in propelling the surge.
Hoskinson maintained a bullish outlook despite Bitcoin falling considerably from its January record high of more than $100,000.
