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Bitcoin Approaching 85.3K USD Resistance, Can It Reach 92K USD?
Bitcoin’s key stakeholders, holding 10 to 10K BTC, have accumulated 53.6K BTC since March 22, now controlling 67.77% of the supply, indicating strong institutional confidence. At press time, BTC is trading at $85,346.56, up 0.94% in the last 24 hours, signaling growing bullish pressure. However, exchange inflows indicate caution, in contrast to long-term accumulation. Bitcoin is approaching a key juncture, testing the 85.3K USD EMA 50 resistance after breaking out of a descending wedge pattern. A close above this level could target 92K USD, but the 86K–92K USD resistance zone could pose challenges. On-chain data shows 81.79% of investors are in profit, exchange supply is decreasing, and the Puell Multiple at 0.99 signals upside potential. Low volatility (2.72%) and the CBBI at 66.55 suggest increasing bullish momentum. If BTC surpasses 85.3K USD, a breakout is likely.