Bitcoin Eyes $89K: Can Bulls Hold After MACD Crossover and Whale Buying Spree?

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<a href="https://jpyeur.com/btc-usd/">Bitcoin</a> rally targets $89K after MACD crossover, but can bulls hold?

Bitcoin (BTC) traded near $81,025 on May 5 after rising 1.56% in the latest session. 

Summary

  • Ali Charts says Bitcoin’s weekly MACD crossover has already driven a 15% price increase since April 13.
  • Bitcoin whales bought 4,527 BTC worth about $362M as ETF inflows supported renewed institutional demand.
  • Santiment data shows Bitcoin on-chain activity hit two-year lows despite BTC reclaiming the $80K level.

The price of the asset briefly reached around $81,204 during the day, and trading activity remained high as more buyers stepped in after the price went above $80,000.

Bitcoin’s price increased after recent events in the Middle East caused market volatility, and demand for Bitcoin through new U.S. exchange-traded funds grew. This rebound brought the price back to a level that traders have been watching, continuing a weeks-long recovery.

Analyst watches $83,000 resistance

Crypto analyst Ali Martinez is wondering if Bitcoin will reach $100,000. He points out that Bitcoin has been performing well since April 13th, when a key indicator called the MACD crossed over on its weekly chart. Since then, Bitcoin’s value has increased by roughly 15%.

According to Ali Martinez, past instances of the MACD line crossing over a similar weekly pattern have often signaled significant price increases. He points to previous rallies – a 147% jump following October 23, 2023, a 75% increase after October 14, 2024, and a 35% rise after May 5, 2025 – as examples.

Looking at the daily price chart, Ali identified around $83,000 as a key price level. He believes this area acts as a significant psychological and technical hurdle for the price. If the price closes above $83,000, it could rise to $89,000, and potentially even $94,000.

ETF inflows support Bitcoin demand

As an analyst, I’m seeing continued strong demand for spot Bitcoin ETFs as a key driver of the recent price rally. Data from SoSoValue indicates significant net inflows – $532 million on May 4th, following $630 million on May 1st. These two days alone brought over $1.16 billion into these ETF products, reinforcing a positive trend.

The growing popularity of Bitcoin ETFs indicates that more people are investing in Bitcoin through established, regulated financial products instead of directly transferring Bitcoin. Additionally, Bitcoin’s share of the overall cryptocurrency market increased to over 60%, suggesting investors preferred Bitcoin over other cryptocurrencies during this recent market activity.

According to Ali Charts, large Bitcoin investors—known as whales—purchased $362 million worth of BTC (4,527 coins) in the last 24 hours. This suggests strong interest from major holders despite generally low activity on the Bitcoin network.

Network activity sends mixed signal

Bitcoin’s on-chain activity recently hit a two-year low, even as its price climbed back above $80,000. According to data from Santiment, approximately 531,000 Bitcoin wallets were used for daily transactions, and around 203,000 new wallets were created each day.

This situation presents a bit of a disconnect in the market. Prices are going up, but fewer everyday users are actively buying and selling on the blockchain. This suggests the recent price increases might be driven more by large investors, exchange-traded funds, and trading in derivatives, rather than widespread interest from the general public.

The price increase was also fueled by the closing of short positions, totaling around $270 million according to market data. Additionally, miners earning more revenue reduced the immediate pressure to sell, with daily revenue per unit of computing power reaching its highest point in months.

The situation also changed due to a new U.S. initiative, Project Freedom, designed to help ships safely navigate the Strait of Hormuz. According to Reuters, this operation came after a period of increased tension surrounding this vital shipping route, which is crucial for worldwide oil transport.

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2026-05-05 10:59