Bitcoin Surges Past $85,000 as Dormant Whales Wreak Havoc on Market

Bitcoin (BTC) has seen a surge in price, trading above $85,000 as the broader crypto market enters its potentially bullish last quarter (Q4) of the year. Historically, Q4 has been a strong quarter for the crypto market, and this year may follow that trend. However, despite the uptrend, the market is facing resistance from dormant whales and perpetual traders.

In a significant development, two Bitcoin OGs who purchased 1,346 BTC about 13 years ago have woken up from their dormancy. Their holdings are now valued at $115 million, representing a 479x return on their initial investment of $240,000. The two whales made a test transaction of 0.0005 BTC, valued at $43, which could indicate they are warming up for a sale. However, the transaction could also be a way to manage their position.

The perpetual Futures market is adding to the pressure, with large sell orders forming in the $87,000 to $91,000 zone. These supply zones are capping the ongoing uptrend, making it difficult for the price to push past $100,000. Despite this, spot whale demand could still push the price past $91,000.

The $100,000 target remains viable, with traders on Kalshi betting on the price crossing this level before the year ends. The odds are at 39% and continue to rise with around three months left before the close. The weekly timeframe is also reinforcing this outlook, with Bitcoin securing its second weekly candle close above the May highs. This adds further confirmation to the potential uptrend continuation.