Bitcoin (BTC) price surged past $87K, whale wallets hit 4-month high, and CME gap fill points to more upside.

Bitcoin (BTC) price surged above $87,000 on Apr. 21, breaking out of a consolidation phase that began in early March. The move came after BTC rose more than $3,000 in a single day, reaching its highest level since Mar. 28.

Bitcoin (BTC) price displayed a stellar breakout on April 21, surging past the $87K level. This move unlocked a new leg of the bull market, breaking through a consolidation phase that had been in place since early March.

The cryptocurrency giant showed no signs of slowing down as it flipped its 50-day exponential moving average (EMA50) at the 85,436 mark. As the daily candle closed above the critical resistance, Captain Faibik, a crypto trader, highlighted the significance.

“Hopefully, the daily candle will close above the EMA50 (85.4k). Bulls, we're still in a bull market, don't let anyone tell you otherwise!” he shared on X.

Bitcoin price has now gained 16% since bottoming near $75,000 on April 9. The asset’s distance from its all-time high has now narrowed to 20%, increasing speculation that a six-figure target could come into play by May.

Bitcoin Whale Addresses Hit 4-Month High

According to blockchain data, the number of addresses holding more than 1,000 BTC reached 2,107 by April 15, the highest since December 2023. That number has quickly climbed from 2,037 in late February, adding more than 60 whale wallets in less than two months.

The last time BTC whale address count surged at this pace was during the November and December 2023 rallies, which followed Donald Trump’s election win. Back then, Bitcoin touched a cycle high before retracing slightly.

As one trader, known as Mister Crypto, pointed out on X, “Whales are accumulating massive amounts of Bitcoin, they know what comes next.”

Another interesting observation shared by crypto trader ChartrainL7 highlighted a correlation between major socio-economic events and changes in the BTC top holder count.

After reaching a low of 1,950 addresses in mid-February, coinciding with the unfolding of the Ukraine war and the ensuing market downturn, the number of addresses holding over 1,000 BTC has been steadily increasing again.

BTC price also bottomed around the same time, kicking off a rally that has seen new all-time highs reached in December 2023. From there, Bitcoin entered a steeper leg of the uptrend as it breached $80,000 in April.

During this period, the count of BTC whale addresses has surged by 15%, while exchange reserves have dropped by 16%, indicating a tightening of supply across the spot market.

Analysts Dismiss Bearish Projections As Bulls Take Charge

Earlier this week, some analysts had predicted an 83,000 touchpoint for Bitcoin price by Easter Sunday, based on exchange order book analysis. However, that projection did not come to fruition.

Instead, Bitcoin displayed resilience against the predicted downtrend, successfully retesting it as support and continuing to climb.

On Thursday, April 19, analyst Rekt Capital noted that BTC had breached its recent downtrend and tested it as support. This behavior aligns with patterns seen before major rallies.

In the same vein, another analyst, Josh Michel, shared an interesting observation. He pointed out that whenever Bitcoin's price has closed a weekly candle in a gap on the CME futures chart, it has usually continued to move in the same direction.

According to Titan of Crypto, Bitcoin has now filled its most critical CME futures gap. The weekly gap closure, followed by a rejection from that level, signals a likely move higher. “The next liquidity magnet is likely higher,” he stated.

Previously, Titan of Crypto identified 81,000 as a key resistance level, comparing it to a springboard for higher targets.

Sharing a similar technical perspective, Michaël van de Poppe expressed a bullish outlook for BTC as long as it stays above the 80,000.

On Friday, April 21, as Nasdaq futures dipped 1%, signaling potential weakness in the tech market, Bitcoin showed strength with a 2.4% rally.

Observing this divergence, Scott Melker, known as “The Wolf Of All Streets,” commented on the resilience of crypto in a broader market downturn.

“Nasdaq futures are down 1% today. Bitcoin is up 2.4%. Tech is weak, but crypto is strong. They're still bailing on the market on new Trump tariffs news.”

In another interesting development, crypto trader 0xNobler made a bold prediction about an upcoming altseason.

“The Golden Bull Run starts next week. $BTC will hit $200,000 and many altcoins are set to pump 150-200x. Get ready for Bonk to hit 1 Billion dollar marketcap and new