Bitcoin is trading just above $94,000 on May 6, 2025, after a weekend of moderate price corrections and sideways movement. The flagship cryptocurrency continues to show resilience following April’s aggressive rally that pushed BTC close to the $98K resistance level.
According to TradingView data, BTC closed yesterday at $94,418, down 0.32% for the day. Volume remains stable, but technical momentum indicators are starting to flatten. A break above $97,000 could reignite bullish sentiment, while a drop below $92,000 may trigger broader short-term weakness.
Dormant Bitcoin Wallets Wake Up: $324M on the Move
Adding to the recent on-chain intrigue, two long-dormant Bitcoin whale wallets suddenly came to life after more than a decade. According to Lookonchain on Twitter, a wallet labeled 1NWPS2 transferred 2,343 BTC (valued at $221.7M) after being inactive for 10 years, while another wallet, 1PiEKB, moved 1,079 BTC (about $102.54M) after 12 years of dormancy.
In total, 3,422 BTC—worth over $324 million—were reactivated and sent to new wallets. These movements have sparked speculation about whether early holders are planning to sell into strength, rotate assets, or simply secure funds under more modern wallet protocols. Historically, such whale movements have preceded periods of volatility, making this a trend to watch closely.
BlackRock Buys 5,600 BTC via OTC While Others Sell
In a surprising twist to recent ETF flows, while major players like Fidelity, Bitwise, and Grayscale have been trimming their Bitcoin holdings, BlackRock has doubled down. According to Cas Abbé on Twitter, the asset management giant acquired 5,600 BTC—worth around $531 million—in a single day, likely through OTC (over-the-counter) channels to avoid moving the spot price.
This accumulation strategy allows BlackRock to quietly build a massive position, potentially setting the stage for a supply crunch in the coming months. If history repeats itself—as it did in Q4 2024—such stealth accumulation often precedes a significant price breakout. As other institutions reduce exposure, BlackRock’s conviction highlights its long-term thesis on BTC’s role in global markets.
Technical Outlook: BTC Faces Key Resistance at $97K
From a technical perspective, Bitcoin remains in a consolidation phase after failing to breach the psychological $100,000 level. On the daily chart:
- Support: $92,000 remains a critical level to watch
- Resistance: $97,500 is the local ceiling
- Momentum: RSI is neutral, suggesting indecision among traders
Source: Tradingview
Volume has declined slightly since late April, reflecting a wait-and-see stance among market participants.
Final Thoughts: All Eyes on ETF Flows and Whale Movements
Bitcoin’s current price action reflects a delicate balance between institutional accumulation and long-term holders re-engaging with the market. The appearance of 10-year-old whale wallets adds an element of historical intrigue, while BlackRock’s quiet acquisition indicates that major players remain bullish—just not openly.
If ETF inflows regain strength and whales hold off on selling, Bitcoin could retest $97K in the coming days. However, volatility may increase midweek as U.S. macroeconomic data and interest rate expectations start influencing broader risk sentiment.
