After surging past $93,000 earlier this week, Bitcoin’s price has cooled off, currently hovering around $92,000. This slight pullback comes after a strong multi-day rally that caught the attention of traders and analysts alike. While some see this as a healthy correction, on-chain data suggests there’s more going on under the surface — especially from major players on Binance.
Let’s take a closer look at what drove the recent breakout and what may come next for BTC.
Binance Whale Activity Drives the Surge
According to a recent CryptoQuant Quicktake, the surge in Bitcoin’s price over the weekend was largely influenced by aggressive buying from large holders on Binance. Analysts observed a sharp uptick in inflows and spot accumulation, with particular emphasis on whale wallets exceeding 1,000 BTC.
This buying pressure created a short-term supply shock, pushing BTC above resistance levels. While similar activity has been seen before major price moves, the intensity of this week’s whale accumulation stands out.
Some analysts interpret this as a sign that institutional buyers or high-net-worth individuals may be positioning themselves for a larger macro breakout.
BTC Price Action: Bullish Structure Holds Despite Pullback
Bitcoin’s recent surge to a local high of $93,827 marked a significant continuation of the bullish trend that began earlier in April. However, as of April 23, BTC has retraced slightly and is now trading around $92,400 — down about 1.4% on the day.
Source: Tradingview
From a technical perspective, the daily chart still shows a strong upward structure. BTC printed a series of higher highs and higher lows over the past two weeks, confirming bullish momentum. The breakout above the $90K resistance area was especially significant, flipping a key psychological barrier into potential short-term support.
Key Technical Levels to Watch:
- Support: Immediate support lies at $91,000, which aligns with the mid-range of recent consolidation and the breakout zone.
- Resistance: The next major resistance is $95,000, followed by the $100,000 psychological level — a target now back in focus.
Volume remains relatively high, though slightly lower than during the initial breakout. This suggests that while momentum has cooled, bulls still maintain control — especially if Bitcoin can hold above the $90K level in the coming days.
The RSI is approaching overbought territory, which could lead to short-term volatility or sideways movement. However, as long as BTC avoids a drop below $88,000, the macro trend remains bullish.
Final Thoughts – Will BTC Retest $93K or Push Toward $100K?
Whale activity on Binance has injected new life into Bitcoin’s price action, but the real question is whether this momentum can hold. If accumulation continues and broader market conditions remain favorable, a push toward the psychological $100K mark is well within reach.
At the same time, short-term corrections like today’s drop to $92K are healthy and often provide new entry points. Many analysts believe that the next phase of Bitcoin’s rally may be driven not just by whale activity, but also by institutional inflows and upcoming ETF developments.
