$BTC just reclaimed $94,000 after spending weeks consolidating below prior distribution zones. What stood out to me wasn't the breakout itself but the on-chain behavior leading up to it.
Whale addresses accumulated over $23 billion in recent weeks while short-term holder selling pressure decelerated significantly. This suggests a shift from weak hands to stronger conviction buyers.
The macro picture adds fuel: dollar debasement accelerating under Trump's policy direction, Fed independence under attack, and serious speculation that the US could start actively buying Bitcoin for a strategic reserve ahead of midterms.
Analysts are pointing toward $95K as the next resistance test, but below $90K support, the structure breaks down fast. The rally feels less headline-driven and more flow-driven this time.
