Bitcoin recovers to $91,000 amid institutional buying, market optimism
What's the story
Bitcoin has surged back to the $91,000 mark, a jump of 4.52% in the last 24 hours. The surge is attributed to renewed buying interest and improved market sentiment. Ethereum also witnessed a rise during the same period, trading above the $3,000 level after a 3.75% increase in value. Major altcoins such as XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid also jumped over 4%.
Market trends
Institutional activity hinted by Bitcoin withdrawals
Edul Patel, CEO of Mudrex, said the rise in Bitcoin's value is due to renewed buying interest and improving sentiment across the market. He noted that an estimated 1.8 million BTC were withdrawn from exchanges overnight, hinting at strong institutional activity. Patel also highlighted that ETH whale wallets holding between 10,000-100,000 ETH added 440,000 ETH in a week amid recent caution.
Future prospects
Bitcoin's potential breakout and market consolidation
Patel said if retail demand builds on this momentum, BTC could test and potentially clear $95,000. He added that a breakout above this level would strengthen the bullish structure and open the path toward new highs. Sathvik Vishwanath, co-founder of Unocoin, said Bitcoin is consolidating after a steep correction in the $85,000-$90,000 zone with common trend-based entry near $82,000-$85,000 where buyers previously defended support.
Market guidance
Bitcoin's next move and potential profit-taking zones
Vishwanath said a breakout entry becomes relevant only if BTC closes strongly above $92,000. He identified potential profit-taking zones at $98,000-$102,000 with a major exit near $110,000 if momentum strengthens. WazirX Trading Desk attributed Bitcoin's rise to a mild improvement in global market optimism and US rate cut expectations. They expect the next resistance could be seen at 93k levels but with expectations of gains from sellers it could be reached without many hurdles.