Bitcoin (BTC) is experiencing a period of consolidation around the $90,000 mark, a pattern frequently enough observed before a potential rebound, according to Tokocrypto analyst Fyqieh Fachrur. This activity is linked to accumulation by large-volume traders, known as “whales,” signaling confidence in BTC despite ongoing short-term volatility.
“When whales actively buy below $90,000, it typically indicates they view this area as an attractive entry point for accumulation,” Fachrur stated. “However, a sustained rebound requires further confirmation, as macroeconomic pressures and institutional fund flows haven’t fully stabilized.”
Technical Analysis and Resistance Levels
Technically, BTC currently faces immediate resistance around it’s one-week moving average at $92,864. Breaking and holding above this level would be a positive sign for continued upward momentum. However, significant resistance lies further ahead at the 200-day moving average of approximately $105,541.
ETF outflows and Market Sentiment
Recent outflows from Bitcoin Exchange-Traded Funds (ETFs) are creating headwinds. On January 21st, these outflows totaled $707.3 million (approximately Rp 11.8 trillion). This selling pressure is tempering bullish expectations.
Whale Activity and Market Signals
Market participants are closely monitoring whale accumulation and outflows from spot exchanges as indicators of tightening supply. Positive sentiment also stems from comments made by former U.S. President Donald Trump, who praised his economic advisor, Kevin Hassett.
Economic Data and Federal Reserve Expectations
However, stronger-than-expected U.S. labor market data is pushing back expectations for Federal reserve (The Fed) interest rate cuts. The market now anticipates potential cuts around June 2026, despite earlier predictions of two cuts this year. This shift is easing concerns about Hassett potentially becoming The Fed Chairman, as he was viewed as a more dovish candidate who might favor aggressive rate cuts.
“This alleviates market anxieties because it removes the possibility of Hassett becoming The Fed Chairman. Hassett was previously seen as a figure who was the least autonomous and tended to be dovish, in line with Trump’s desire to cut interest rates aggressively,” Fachrur concluded.
(ahi/fdl)