Bitcoin recently broke through the $90,000 mark, achieving a peak of $93,477. This significant price surge is accompanied by notable accumulation patterns from whale wallets, which have accumulated over 100,000 BTC, valued at approximately $8.60 billion, over the past week.
Analysis of UTXO metrics reveals that a high percentage of market participants have reached profitability, adding confidence to the market sentiment and indicating robust market health.
The options market data suggests a trend of increasing call contracts that are set to expire within the upcoming two months. This rise in call contracts reflects optimism among traders, supporting the idea of sustained bullish momentum.
Moreover, recent pressure from profit-taking activities has moderated, providing an environment conducive to potential continued growth of Bitcoin. This stabilization implies that the market could sustain its upward trajectory as investors regain their buying vigor.
