Bitcoin wallets holding between 100 and 1,000 BTC have added 113,950 BTC since July 15, increasing their combined holdings 2.22% to 5.24 million BTC, according to Santiment. The accumulation has continued as Bitcoin briefly touched $87,000 earlier this week before pulling back toward $84,000.
The buying trend raises questions over whether steady demand is establishing a foundation for a breakout or whether the recent rebound is primarily the result of short covering that could weaken as leveraged positions are unwound.
Trace Finance co-founder Bernardo Brites cautioned against viewing the move as a definitive shift in risk appetite. He said the speed of Bitcoin’s recovery was partly driven by a short squeeze, while attention should also be focused on identifying where the fresh capital is coming from.
That distinction could be important as Bitcoin approaches its next resistance zone. The current setup may reflect a combination of technical momentum and broader macro positioning rather than a purely technical rally.
Santiment has tracked the 100-to-1,000-BTC wallet cohort for five years. Its accumulation activity has frequently coincided with changes in Bitcoin’s broader market direction, with periods of heavy buying often occurring before or during stronger price advances. The latest data shows the group continued accumulating throughout the recovery, suggesting the rally has support beyond retail participation.
Bitcoin Approaches $88,000-$90,000 Resistance
Bitcoin’s technical structure provides additional context. The cryptocurrency reclaimed its 365-day moving average around $80,500, a level it last moved above in March 2023. That previous breakout was followed by a larger advance. Bitcoin has also moved above the $76,000-$81,000 supply zone that had limited its upside for several weeks.
The $88,000-$90,000 area is important because a significant amount of Bitcoin supply is concentrated around those prices. As Bitcoin moves closer to the zone, holders who accumulated at those levels could increase selling, making $90,000 an important test for the current rally.
ETF flows and stablecoin liquidity could help determine whether Bitcoin has enough underlying demand to push through the resistance. Continued ETF inflows combined with expanding stablecoin supply would provide additional support for the advance. Conversely, declining ETF demand while Bitcoin remains below $88,000 could leave the market vulnerable to a reversal as leveraged positions are closed.
CryptoQuant founder Ki Young Ju has separately suggested that Bitcoin’s current cycle could produce a 3-to-5x gain rather than the 10x rallies seen in earlier cycles. He pointed to increasing institutional participation and a more mature market as factors that could reduce extreme volatility.
That view does not determine whether Bitcoin will surpass $90,000. It instead provides broader context for evaluating the current cycle as Bitcoin approaches a significant supply zone and traders watch whether accumulation can translate into another sustained move higher.
