Bitcoin Surges to $114K, Aiming for $138K as Whales Accumulate
Bitcoin has surged to around $114,006, up 3.48% in the last 24 hours, aiming for a major bullish target of $138K. The cryptocurrency has stabilized and is trading comfortably above $110K, indicating a bullish structure on the stock market today.
The short-term price appreciation of Bitcoin can be attributed to whale accumulation and improved market sentiment. The cryptocurrency has successfully reclaimed the $114K zone and is currently testing resistance levels at $115K-$116K and $118K-$121K. To maintain momentum, Bitcoin must hold gains past these key support zones.
Investors are regaining confidence after last week's volatility. The $108K-$109K region and $103K support area have acted as strong foundations for Bitcoin during earlier dips. Short-term support is currently at $108K-$109K, with stronger support at $103K, and a stop-loss point at $99K to prevent a drop below the $100K psychological mark.
Renewed investor interest and stabilization of the broader cryptocurrency market have supported the rally over $114K. Recent significant investments include Pop Culture Group acquiring 300 BTC worth $33 million as part of its Web3 entertainment strategy, and Bitcoin Hyper recording whale purchases totaling $327,000 during its presale, indicating growing institutional interest.
Bitcoin's short-term path relies on its performance through the $115K-$116K resistance zone. If it can hold gains past these key support zones, the cryptocurrency could reach its major bullish target of $138K. With renewed investor interest and a stable broader market, Bitcoin's momentum looks set to continue, and the bitcoin price is expected to reflect this in the stock market today.
