Bitcoin is trading just below $86,000 after climbing roughly 15% over the past week and briefly reaching an eight-month high above $87,000. The cryptocurrency last traded above $100,000 in November 2025.
Analyst Ali Martinez has identified several factors supporting continued upward momentum. He noted that Bitcoin has risen more than 50% since bottoming below $58,000 in July, and large investors appear reluctant to take profits despite the significant gains.
Institutional Activity and ETF Flows
According to Martinez, the Bitcoin network recorded more than 2,722 transactions worth over $1 million each in a single day, indicating sustained activity by large entities. Spot Bitcoin exchange-traded funds have accumulated more than $1.6 billion worth of the cryptocurrency over the past 72 hours, adding significant buying pressure to the market.
Technical Support and Resistance Levels
Martinez identified key technical levels guiding Bitcoin's price action. The asset continues trading above support at $84,569, where approximately 600,000 coins previously changed hands. A second major demand zone sits near $77,000.
On the resistance side, overhead resistance is thinning out, with the next major resistance near $104,765, where roughly 283,000 BTC were traded historically. Martinez also highlighted the MVRV Pricing Bands, with the mean band near $100,670 serving as the next key resistance level and the -0.5 band around $74,361 acting as major support.
FOMO Concerns and Correction Risks
The $10,000 price increase in less than a week has generated significant enthusiasm and the highest Fear of Missing Out sentiment since 2024. However, some analysts caution that such crowded positioning can leave the market vulnerable to corrections.
Trader Gerla advised against buying at current levels, noting that even a small wave of profit-taking can trigger pullbacks and suggesting a potential correction to around $80,000 could offer another buying opportunity.
