Despite institutional outflows, whale activity has surged to a multi-month high, fueling hopes for a Bitcoin rally above $84,000.

Bitcoin recently retested the $78,350 support zone following an unexpected dip in U.S. inflation to 2.4%, below the forecasted 2.6%. This lower inflation reading failed to sustain the prior bullish momentum, especially after a 90-day pause in global tariffs.

Currently, Bitcoin has rebounded to around $80,000, signaling a potential short-term recovery. Could this uptrend push the price beyond the $84,000 mark once again? Let’s dive into the analysis.

Bitcoin Price Analysis

On the 4-hour chart, Bitcoin recently broke down from a symmetrical triangle pattern, triggered by a bearish shift following the U.S. announcement of increased global tariffs.

However, a 90-day pause in the tariff implementation led to a double-bottom reversal from $74,892. Following the rebound, Bitcoin climbed back to the broken triangle pattern near $83,500. Yet, strong rejection at higher levels pulled the price back down to the $78,350 horizontal support.

At present, Bitcoin is consolidating between $78,350 and the overhead resistance at $81,595. The double-bottom reversal has also sparked bullish momentum in technical indicators.

The MACD lines are nearing a bullish crossover into positive territory, accompanied by fresh bullish histogram bars. The super trend indicator has also turned positive, with a new bullish signal emerging at the $75,654 baseline.

Whales Accumulate More Bitcoin

As the market anticipates a relatively stable 90-day window before any new tariff developments, large investors appear to be aggressively accumulating Bitcoin. According to a recent tweet from Santiment, whale and shark activity has reached its highest point since February 20.

In the past 24 hours alone, the number of wallets holding more than 10 BTC increased by 132, bringing the total to 152,000. Meanwhile, wallets holding less than 10 BTC now number 54.69 million.

🐳🦈 Bitcoin's whales and sharks are growing in number, indicating a sudden shift after Trump implemented his 90-day tariff pause yesterday. Over the past day, +132 more 10+ $BTC wallets exist, indicating a higher level of confidence from crypto's key stakeholders. pic.twitter.com/5Q1MUxWBeP

— Santiment (@santimentfeed) April 10, 2025

Additionally, according to CryptoQuant, wallets holding between 1,000 and 10,000 BTC now hold a balance of 3.49 million BTC—above their 30-day moving average of 4.36 million BTC. This metric excludes exchange and mining pool wallets, reinforcing the narrative of growing demand from large investors.

Large investor demand for Bitcoin is accelerating.

Balances of wallets holding 1K–10K BTC rising faster than their 30-day average.

Typically bullish, signals strong investor confidence. pic.twitter.com/hR5Rumj6A6

— CryptoQuant.com (@cryptoquant_com) April 10, 2025

Bitcoin ETFs See Continued Outflows

Despite bullish on-chain signals, institutional sentiment remains weak. On April 10, U.S. Bitcoin spot ETFs recorded net outflows totaling $149.66 million—marking the sixth straight day of withdrawals.

Among the 12 ETFs, Grayscale Mini Bitcoin Trust led with $9.87 million in outflows. Fidelity followed with $74.63 million, while Grayscale Bitcoin Trust saw $44.63 million in outflows.

ARK 21Shares and Bitwise reported smaller outflows of $12.69 million and $10.82 million, respectively. Franklin and Invesco recorded outflows under $10 million. The remaining five ETFs posted net-zero flows.

Bulls Begin to Resurface in Bitcoin Futures

Despite ongoing volatility, Bitcoin futures data shows a slight increase in long positions. According to Coinglass, long positions now make up 50.8% of the market, nudging the long/short ratio to 1.035.

Although this ratio suggests near-neutral sentiment, the increase in long positions from 49.45% in the past 12 hours points to a potential bullish shift.

Conclusion

With rising demand from whales and large investors and renewed momentum in the derivatives market, Bitcoin is showing signs of a short-term bullish revival. A breakout above $81,595 could open the door for another attempt at the $84,000 psychological barrier.

On the downside, the key support levels to watch remain at $78,350, followed by the double-bottom base at $74,892.