Bitcoin (BTC) Price Nears $90,000 as Whales & ETFs Drive Accumulation; What's Next?

Bitcoin rose to $93,500 on Nov 13 but retreated afterward, and traders held on in anticipation of any sign of potential turbulence ahead.

Bitcoin closed out the week at around $90,000, notching its highest weekly close ever and posting monthly gains of 32%. Now, traders and analysts are keenly watching BTC’s next move.

Here's a look at five key points for BTC holders as the market pivots at a crucial juncture.

Bitcoin’s record highs trigger volatility alerts

Bitcoin rose to a high of $93,500 on November 13 before pulling back, and traders waited to see any signs of potential turbulence ahead. A crypto trader on X, Skew, noted that the Bitcoin price “held the 21-period EMA on four-hour timeframes” with key points to watch at $90,000 and $91,300.

Another commentator, CrypNuevo, called for a spike toward $95,000–$96,000 this week. He also warned that large traders will be looking to take out the naive new entrants as Bitcoin approaches the psychologically important $100,000 level. “It’d also make sense to spike up near $100k without fully reaching there, and then reverse down,” CrypNuevo speculated. Notably, some market analysts are also calling for a BTC price rally to $135K, as reported by CNF.

Meanwhile, some traders are eyeing entry points on pullbacks, and Crypto Chase revealed its strategy, stating that it would buy intraday “gaps” between daily candle wicks in a bullish condition. “We will EVENTUALLY pullback into a Daily gap,” he noted, adding that his target for additional entries is around $83,000.

Bitcoin whales, ETFs drive accumulation

On-chain data shows that BTC continues to be scooped up by whales and institutional investors, even as flows into the spot Bitcoin ETFs were less stellar. Holdings in spot Bitcoin ETFs have grown by 425,000 BTC since January, which is about 5.33% of the total circulating supply, reported CNF.

“As more Bitcoin is accumulated through spot ETFs, we can expect the price to continue its upward trend,” said CryptoQuant contributor MAC_D. However, last week, the ETF activity was volatile, with two days notching net outflows of over $750 million.

Sentiment indicators flash cautionary signals

Crypto sentiment tools are starting to heat up, and Blockchain analytics firm Santiment noted that major price moves in Bitcoin are accompanied by spikes in social media activity. “The hype across social media platforms is calling the tops very reliably,” the firm stated, highlighting the increasing mentions of the $100,000 price targets. The Crypto Fear & Greed Index showed the same trend, hitting 90/100 on November 17. This level is usually associated with “extreme greed” and past market reversals.

Macroeconomic uncertainty lingers

Bitcoin’s surge comes as the macroeconomic landscape continues to shift, and picking up on October’s inflation, some commentators warn of stagflation, a rising price environment accompanied by high unemployment. Monetary policymakers, meanwhile, are expecting more cuts by the Federal Reserve.

However, others suggest that the pivot is being delayed for now as contrasting data is giving policymakers mixed signals. With Bitcoin still trading at around $90,000, the market is poised for its next move, and several traders are bracing for increased volatility as some anticipate a continuation toward $100,000 while others are cashing in on its retracements.