Bitcoin is exhibiting strong momentum as it nears the pivotal $110,500 resistance level, fueled by historic holdings patterns and institutional accumulation that suggest a potential market breakout.
Market analysts highlight that long-term Bitcoin holders currently control over 80% of the circulating supply, a trend that has historically preceded significant price rallies. This supply distribution indicates strong fundamental support beneath the current price action.
Simultaneously, institutional-grade wallets have accumulated more than 19,400 BTC through recent acquisitions. Major corporations including Tesla and Japanese investment firm Metaplanet have expanded their Bitcoin holdings, demonstrating growing institutional confidence in the cryptocurrency.
Technical indicators reinforce the bullish outlook. Bitcoin shows a neutral Relative Strength Index and bullish MACD signals, suggesting potential to decisively overcome the $107,000-$110,500 resistance range. The recent Golden Cross formation – where the 50-day moving average surpassed the 200-day moving average – historically foreshadowed substantial gains, with precedent surges reaching over 2200% in previous market cycles.