Bitcoin Price Surge Signals Renewed Confidence as Whales Accumulate and ETFs Drive Demand

Bitcoin entered the new year with strong upward momentum, climbing above the $90,000 mark as optimism returned to the crypto market. The latest Bitcoin price surge has been fueled by robust spot Bitcoin ETF inflows and growing institutional demand, helping the asset remain resilient despite rising geopolitical tensions after the reported US strike on Venezuela. Market participants appear to be prioritizing liquidity conditions and long-term adoption trends over short-term macro uncertainty.

On-chain data highlights a notable shift in Bitcoin whale behavior. Large holders controlling between 10,000 and 100,000 BTC had previously sold around 50,000 BTC between December 29 and January 3, signaling caution while Bitcoin traded below key resistance. However, sentiment changed sharply over the past 24 hours. These same whale wallets accumulated approximately 10,000 BTC, worth nearly $912 million, after Bitcoin broke above $90,000. This renewed accumulation suggests confidence among major investors and may help absorb near-term selling pressure, supporting price stability as 2026 begins.

Whales often act as liquidity anchors during periods of volatility, and their return to buying typically aligns with expectations of higher prices. Continued accumulation could strengthen Bitcoin support levels and reduce downside risk if broader market conditions remain stable.

At the same time, Bitcoin miner activity presents a counterbalance to bullish momentum. Miner net position data shows increased selling over the last day, with outflows rising from 55 BTC to 604 BTC. While this level of selling is relatively small compared to total supply, it reflects miners taking advantage of higher prices to fund operations. Historically, miner selling during rallies tends to slow price advances rather than reverse broader trends, especially when demand from ETFs and institutions remains strong.

From a technical perspective, Bitcoin has broken out of a six-week descending wedge and was trading near $91,300 at the time of writing. A confirmed hold above the $92,000 level could open the door to a move toward $95,000. Key resistance remains at the 50-day EMA near $91,500 and the 365-day EMA around $97,400. Reclaiming these levels would strengthen the bullish outlook and improve the chances of a push back toward six-figure prices.

Short-term risks remain tied to global market reactions. Any risk-off response to geopolitical developments could pressure Bitcoin back toward $90,000, but for now, momentum favors cautious optimism driven by strong institutional demand and improving on-chain signals.