Bitcoin is endeavoring to exceed the $92,000 level this week. However, fluctuations in whale transactions and cautiousness from institutional players are hindering its growth.
Whale Transactions Drop Significantly
At the start of the week, Bitcoin's price surged from $81,480 to a peak of $91,860, yet couldn't overcome the $92,000 resistance, leading to a retreat. On-chain analytics show a significant decline in trading activity among larger investors.
Could This Impact Bitcoin’s Price Trajectory?
Data from Santiment highlights a sharp decline in transactions over $1 million, falling from 3,851 on February 25 to 2,517 by March 5. This nearly 30% drop may keep Bitcoin within a range of $85,000 to $92,000.
Outlook and Potential Scenarios
Currently priced at $91,709, signals are mixed with potential for both upward movement and pullbacks. Failure to break the $92,000 barrier could lead to a fall to $82,000, while a breakout may push prices to $100,000.
Bitcoin's market remains influenced by low trading volumes. Breaking the $92,000 level could lead to significant gains, while lacking momentum may result in a decline.
