Bitcoin pushed below $84,000, will it break through profit-taking and race towards $100,000?

▲ Bitcoin (BTC) ©Dasol Ko

Bitcoin (BTC) has been pushed below the $84,000 mark due to large-scale profit-taking, undergoing correction for three consecutive trading days. However, the consistent accumulation by institutions and smart money wallets is providing strong support for the downside.

According to investment media FXStreet on September 24 (local time), Bitcoin faced profit-taking pressure immediately after surging 6.7% to $87,395 earlier this week on Monday, reaching its highest level since late January. Santiment's Network Realized Profit/Loss (NPL) metric soared to its highest level since December 12, 2025, evidencing that investors, on average, offloaded significant quantities to realize profits. This has led to increased selling pressure, with Bitcoin currently trading around $83,360 as of Thursday.

Despite the short-term selling, the demand base from institutional investors remains robust. According to SoSoValue data, US spot Bitcoin ETFs recorded a net inflow of $346.98 million on Wednesday, marking five consecutive days of net inflows since last week. If these institution-led capital inflows continue and expand into the latter half of the week, there is a high probability that Bitcoin will overcome the current short-term correction and resume its rally.

On-chain data reveals active accumulation by large whales, categorized as "smart money." According to Santiment, wallets holding between 100 and 1,000 Bitcoins have cumulatively purchased an additional 113,950 BTC since July 15, increasing their total holdings by 2.22% to approximately 5.24 million BTC. Experts explain that this wallet cohort has shown a very close correlation with the direction of the virtual asset market over the past five years, and in the recent rebound, it serves as a key indicator confirming that the uptrend is driven by large capital, not by retail investors chasing the market.

Technical analysis indicators also continue to maintain an upward-dominant structure. Based on the daily chart, Bitcoin is trading significantly above its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which are clustered between $73,000 and $76,000. The Relative Strength Index (RSI) is holding around 62, indicating stable strength with oversold risks resolved, and the Moving Average Convergence Divergence (MACD) histogram remains in positive territory above the baseline, suggesting that upward momentum is still alive.

Experts point to the $85,000 horizontal resistance level as the short-term upside barrier, predicting that a definitive break above this level on a closing basis would open a clear path towards the $100,000 mark. Conversely, on the downside, the 50-day EMA at $76,096, the 200-day EMA at $73,858, and the 100-day EMA at $73,060 are expected to act as strong structural support levels. Even if a deeper correction to the $66,500 and $62,300 levels occurs, the overall long-term bullish structure itself is analyzed to remain intact.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*