Bitcoin price continues to hover around the $103,000–$104,000 range, holding steady above key psychological levels as a new wave of accumulation builds beneath the surface. While retail traders wait on the sidelines, long-term holders (LTHs) are quietly stacking more BTC — a move analysts see as a strong bullish signal ahead of the next breakout.
Bitcoin Price Analysis: Consolidation Before the Next Move?
After rallying from the $76,000 range in March to a local high near $106,000, Bitcoin has entered a period of healthy consolidation. Price action on the daily chart reveals strong support between $102K and $103K, with bulls defending this range for over a week. The volume remains elevated, and momentum indicators are cooling — a setup often seen before a second leg up.
Source: Tradingview
Technical analysts point to the formation of a bullish continuation pattern, with $110,000 as the next key resistance. A break above this level could open the path to $120,000 and beyond — especially if institutional inflows remain strong.
Long-Term Holders Are Accumulating Like Never Before
Perhaps the most compelling narrative right now isn’t in the candles — it’s in the wallets. According to data shared by Crypto Rover using Glassnode’s LTH Spending Indicator, long-term Bitcoin holders are in deep accumulation mode.
This behavior typically occurs at the early stages of a bull market, when experienced investors accumulate quietly as prices range or consolidate. The last time this pattern appeared at scale was during Q3 2020 — just before BTC exploded from $12,000 to $64,000.
In 2025, the trend is even more aggressive. Supply on exchanges continues to decline, suggesting that more BTC is being moved into cold storage or staking protocols. When long-term holders buy and hold, they reduce available supply — and that often leads to explosive upside when demand kicks in.
Market Outlook: Can BTC Hit $120K This Month?
With ETFs seeing consistent inflows and whales returning to the scene, Bitcoin’s bullish case continues to strengthen. As long as BTC holds above $100K, traders remain confident that this is a temporary cooling period before the next rally.
Glassnode’s Net Unrealized Profit/Loss metric also shows room for growth, while the Fear & Greed Index remains neutral — indicating that the market hasn’t yet entered euphoria.
A decisive breakout above $106K would confirm bullish continuation, and analysts now eye $120K as a likely Q2 target.
Final Thoughts
The Bitcoin price is holding up impressively after a multi-week rally — and beneath the surface, smart money is quietly accumulating. This combination of price stability and long-term holder conviction is often a recipe for the next big move.
As institutional demand continues to rise and long-term supply dries up, the market may be preparing for another breakout — one that could redefine Bitcoin’s role in the global financial system in 2025.
