As Bitcoin recovers after a recent downturn, it is now challenging a resistance trendline from its January peak, with a price target of around $100,000.

Bitcoin’s price has increased significantly over the past 24 hours. As of the latest data, it is trading at $84,289. Bitcoin has risen by 1.2% today, contrasting with the trend from the past week, which saw a 3.5% decline.

Additionally, looking at the 30-day view, Bitcoin still nurses a loss of 9.4%. Amid this struggle, an analyst on TradingView has noted a powerful 1-day candle that has recovered the losses of the previous three days.

The RSI on the chart has bounced on its rising support, indicating momentum toward a potential upward move.

However, according to the analyst, Bitcoin now faces significant resistance. The most crucial obstacle is the falling trend line that began on January 20 after BTC created an all-time high at $110K. This trendline coincides with the 50-day moving average (MA50), marking the fifth test of this resistance level.

According to the analyst, if Bitcoin successfully breaks through this resistance, it could signal a shift toward a long-term bullish trend. The next technical target is set at the 2.0 Fibonacci extension. A key price target is set just below the $100,000 mark, near the top of February’s resistance zone.

Bitcoin Whale Wallets Show Confidence 

Amid this confidence about Bitcoin’s rebound, whale are increasing their holdings. In particular, wallets, which hold between 1,000 and 10,000 BTC, have continued to grow, providing a potential signal of increased market confidence.

According to Santiment data, as of March 31, there were 1,993 such wallets, the highest number since December 2024. In just five weeks, the number of whale wallets increased by 2.6%, with 50 additional wallets entering the market.

This trend is significant because when large holders accumulate Bitcoin, they tend to reduce the supply available in the market. This decrease in supply can often lead to increased demand, potentially pushing the price higher.

Short-Term Bullish Sentiment

Elsewhere, recent data from exchange net flows further support the growing bullish sentiment. Over the last 24 hours, there has been a notable outflow of Bitcoin from exchanges, with a 37.55% decline in net flows. 

This suggests that traders may be holding onto their Bitcoin rather than selling, which could indicate confidence in a price recovery. Additionally, over the past seven days, the netflow change stands at -5.21%, further reflecting the trend of Bitcoin moving off exchanges.

While the 30-day exchange netflow data shows positive movement (+37.10%), indicating some selling possibility in the longer term, the recent shorter-term data points toward bullish momentum. Notably, this 30-day exchange flow data coincides with a drop in Bitcoin price in the same time frame.