Will $105K be next for BTC?

• Whales have been steadily hoarding BTC, which has contributed to the recent price increase.
• Also, there was little liquidity below the price of Bitcoin, with significant resistance levels above, especially at a new price target.

In the last 24 hours, Bitcoin's (BTC) has gained 2.73%, recovering from a decline that saw the price fall to $94,150.05 after hitting a high of $104,000 earlier in the month this.

The recent rally in BTC price is largely driven by growing investor demand, as large gains continue to push prices up.

Whales lead the charge

Interest in Bitcoin has increased again, with whales playing a key role in the recent price increase, according to cryptocurrency analyst Ali Chart using data from Glassnode.

The chart indicated that large investors, or whales, have been acquiring BTC in large quantities. He pointed to a chart showing 342 wallets, each holding more than 100 BTC (worth about $10 million based on CoinMarketCap), taking advantage of BTC's sharp drop to $90,000.

In particular, such moves usually indicate that whales view the dip as an opportunity to acquire BTC at a discounted price in anticipation of another market rally, which has already materialized as BTC now trading above $100,000.

BTC could be aiming for a new high

Liquidity data from Coinglass, shared by analyst Mister Crypto, suggests that the coin is ready to target a new high, which could keep its price above the $100,000 threshold.

Liquidity levels indicate key price points where assets tend to gravitate, acting like magnets that attract price movement.

At the time of this writing, BTC has cleared all major liquidity levels below its current price. The next critical resistance point is at $105,000, which crosses the previous high-term target of $104,000.

memore liquidity in the market

Whale Tracker reports that Tether (USDT) has gained $1 billion more at Tether Treasury. This indicated an inflow of liquidity into the market.

This increase in liquidity indicates a growing demand for USDT, which market participants are likely to use to acquire crypto. With BTC positioned as a leading contender, it will benefit from this inflow as traders leverage USDT to buy Bitcoin.

In a related report, Whale Tracker notes that market confidence in the fund is returning. A major holder recently moved 7,999 BTC – worth more than $800 million – back to secure wallets for safekeeping.

With these developments, BTC seems increasingly likely to reach a new high soon.