Bitcoin climbed to the $94,000 mark on January 5 and landed in a key resistance zone at $94,700. The move came as institutional demand resurfaced, led by another Bitcoin purchase from Strive Asset Management.
Strive’s Bitcoin purchase strengthens the institutional signal
Strive Asset Management, led by Vivek Ramaswamy, invested $100 million in Bitcoin [BTC]. According to disclosures, the company added 101.8 Bitcoin to its balance sheet on January 4.
Source: Strive
The acquisition increased Strive’s total Bitcoin holdings to 7,626.8 BTC, valued at nearly $708 million at the time. The move placed Strive among the largest corporate Bitcoin holders, strengthening its growing institutional footprint in the market.
Following the announcement, equity products were linked to Strive jumped sharply by 15%, reflecting a positive reception by investors.
Macro weakness failed to slow down Bitcoin
The US ISM Manufacturing PMI reached a 14-month low of 47.9, compared to expectations of 48.4. Despite this disappointing data, Bitcoin’s price continued to rise.
While the economy struggled with inflation and slow growth, Bitcoin persisted [BTC] defied the broader market and continued its upward trend.
Source:
This led investors to consider Bitcoin more seriously as a hedge against economic uncertainty. Could Bitcoin’s rise, in the face of weakening economic indicators, signal its evolution into a true safe haven?
The accumulation of whales caused the five-day surge
Digging into the details, Bitcoin rose by $7,000 in just five days, largely driven by whale activity. Large institutional buyers played a key role in increasing Bitcoin’s market cap by $135 billion.
Source: CryptoQuant
According to CryptoQuant, the increase was largely driven by significant purchases of new whales, highlighting the growing institutional involvement in Bitcoin.
These whales are betting on Bitcoin’s long-term growth, reinforcing the idea that Bitcoin’s rise is part of a broader institutional trend and not just a temporary price increase.
Can Bitcoin Hold Over $94K?
Bitcoin’s move above $94,000 marked a major milestone. The question was whether it could maintain this support and continue towards $100,000, up 7.23%.
If the price were to remain above $94,000, further price increases could follow.
However, market volatility raised concerns about a possible pullback, especially as the MACD showed a bearish cross, indicating short-term volatility.
Source: TradingView
As economic uncertainty grew, more and more investors saw Bitcoin as a potential haven. The recent surge in a context of economic weakness positioned the economy as a hedge against traditional risks.
Despite institutional interest, such as the $100 million purchase of Strive, Bitcoin’s long-term stability remained uncertain. To prove itself as a haven, Bitcoin needed to continue its upward trajectory.
Final thoughts
- Bitcoin’s recent strength reflected more than just short-term price momentum, as institutional positioning and whale behavior remained steadfast despite macro pressures.
- If that difference holds, Bitcoin could continue to test how markets define risk and refuge in uncertain conditions.