- Bitcoin has formed a bullish double bottom pattern at $76.3k, which seems to be the bottom for the current markets.
- A double bottom could help Bitcoin cross $88k, a major resistance, ultimately taking it to $106k.
- Bitcoin has seen strong buying from whales, corporates, and ETFs, whereas retail investors and miners have been selling their holdings.
- Derivative markets also signal a potential rally with a 10% rise in Open Interest from last month.
Bitcoin’s 1-day charts have seen a strong potential for a rally with the formation of a bullish double bottom pattern. The double bottom pattern could easily take Bitcoin above its next resistance of 88,400, ultimately taking the crypto towards its last ATH of $106,000 (as per 1D closing basis, actual ATH is at $109,114).
Bitcoin has seen a strong recovery in its market after strike dropped to a low of $76,000. Much of this recovery seems to be aided by strong demand in the corporate sector, with companies like Strategy (MSTR), Metaplanet, Semler Scientific, GameStop, and many others acquiring Bitcoin at an increased pace.
In the last quarter, Bitcoin has seen a strong fall because of the liquidity crisis in the crypto and stock markets; however, in the current quarter, the US Federal Reserve is expected to cut interest rates by at least 0.25%.
Fundamental Factors Contributing to Bitcoin’s Rise
High Whale Demand
Among whales, both corporate and crypto-native whales have been buying Bitcoin at a high rate. In April, we saw nearly 13k Bitcoins being taken off exchanges.
Among them, Michael Saylor-led Strategy seems to have the highest contribution, with nearly $3 billion in purchases over the last 45 days.
Saylor’s followers, namely Metaplanet, GameStop, and Semler Scientific, too, have been buying Bitcoin at a very fast rate. Metaplanet has just raised $10 million, while Semler aims to raise $500 million for BTC acquisition. GameStop, on the other hand, could outrank both of them with a $1.5 billion purchase.
12.4% Month-on-Month Surge in Open Interest
Bitcoin features open interest has made a significant recovery from the lows of $45.7 billion, which it reached on March 12, 2025. These were the lowest levels for the year 2025. However, the latest data shows that by April 15, these futures OI had surged to $53.6 billion, recording a 12.4% increase.
Open Interest shows the net tradeable value of Bitcoins in the Futures market and is a critical indicator of the bearishness or bullishness in the market. Typically, a rising Open Interest is associated with an upcoming rally.
Strong Corporate Buying
Several strong corporate houses like Strategy, Metaplanet, Semler Scientific, and GameStop have bought or are about to buy a considerable amount of bitcoins for their own Strategic Reserves. Among them, Strategy has bought $3 billion worth of Bitcoins, Metaplanet is about to buy $10 million BTC (its 4th purchase in April), and GameStop has raised $1.5 billion to buy Bitcoins.
Disclaimer: The website is made for informational purposes. Please connect with your financial advisor before investing.
