- Bitcoin nears resistance with targets at $130K, $175K, and $250K, based on Fibonacci extensions and cycle patterns.
- BTC shows strength above the 20-day SMA; Bollinger Bands hint at breakout potential near $87K resistance.
- Whale activity is mixed, some accumulate, others sell, with $600M in shorts at risk if BTC hits $86.9K.
Bitcoin is showing signs of increased momentum as its price nears key resistance levels. Current market activity points to a possible surge, with historical trends, whale movements, and technical patterns aligning closely.
On April 16, at press time, Bitcoin was trading at $83,512.46, down by 0.23% in the past 24 hours. Analyst Egrag Crypto outlines three scenarios for this cycle: a normal top at $130,000, a bullish target at $175,000, and a maximum extension at $250,000. These targets are based on Fibonacci extensions and historical trend behaviors seen in prior bull cycles.
BTC Approaches Historical Resistance
The long term monthly view shows Bitcoin moving within a blue bullish channel as per Egrag’s chart. It is nearing the upper bound of this trendline. A white diagonal trendline, historically acting as resistance, has intersected with prior peaks in December 2017 and November 2021.
The price is near a major joining zone, which could determine if BTC breaks through or faces rejection. Fibonacci extension levels place resistance at $104,307 (1.272), $129,040 (1.414), and $178,678 (1.618). Egrag’s analysis aligns closely, indicating $130,000, $175,000, and $250,000 as possible top-out zones.
Supporting trendlines include a pink diagonal showing current bullish momentum and a white horizontal line marking $25,000 as strong support. A potential Elliott Wave pattern projects a post peak ABC correction, where Wave A could drop to $60,000, and Wave C may test $35,000.
Technical Signals Show Strength
BTC is trading just above the 20 day SMA, at $82,523.89, suggesting a mid range accumulation. The Bollinger Bands indicate reduced volatility, although slight expansion shows a possible breakout nearing. The upper band at $87,159.50 acts as immediate resistance, while the lower band is at $77,888.28.
A break above the upper level could open way toward $90,000, while a dip below the SMA risks revisiting $78,000. Meanwhile, the MACD line is above the signal line, with a positive histogram forming. This crossover shows building upward momentum as buying interest strengthens.
Whale Movements and Market Activity
On-chain data shows intensified whale accumulation and withdrawals. Lookonchain reported a withdrawal of 3,704 BTC, worth $315 million, from Binance and Kraken. Another wallet linked to Abraxas Capital withdrew 747 BTC ($63.78 million) after two months of inactivity.
However, not all whales are accumulating. According to analyst Ali, whales have offloaded over 29,000 BTC since April 9. At the same time, over $600 million in short positions are now at risk of liquidation if Bitcoin rebounds to $86,900.
