Bitcoin climbed toward the $94,000 mark on the 5th of January, pressing into a key resistance zone near $94,700. The move came as institutional demand resurfaced, led by a fresh Bitcoin purchase from Strive Asset Management.
Strive’s Bitcoin buy sharpens the institutional signal
Strive Asset Management, under the leadership of Vivek Ramaswamy, invested $100 million in Bitcoin [BTC]. The company added 101.8 Bitcoin to its balance sheet on the 4th of January, according to disclosures.
Source: Strive
The acquisition lifted Strive’s total Bitcoin holdings to 7,626.8 BTC, valued near $708 million at the time. That move placed Strive among the largest corporate Bitcoin holders, reinforcing the growing institutional footprint in the market.
Following the announcement, Strive-linked equity products jumped sharply by 15%, reflecting positive investor reception.
Macro weakness failed to slow Bitcoin
The U.S. ISM Manufacturing PMI came in at a 14-month low of 47.9, while the expectation was 48.4. Despite this disappointing data, Bitcoin’s price continued to rise.
While the economy struggled with inflation and slow growth, Bitcoin [BTC] defied the broader market, continuing its upward trend.
Source: X
This prompted 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 asset?
Whale accumulation drove the five-day surge
Digging deeper into the details, Bitcoin surged by $7,000 in just five days, largely driven by whale activity. Large institutional buyers played a key role in pushing Bitcoin’s market cap up by $135 billion.
Source: CryptoQuant
According to CryptoQuant, the surge was largely driven by significant purchases from 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 rather than just a temporary price jump.
Can Bitcoin hold above $94K?
Bitcoin’s move above $94,000 marked a key milestone. The question was whether it could maintain this support and continue toward $100,000, a 7.23% push.
If it held above $94K, further price increases could follow.
However, market volatility raised concerns about a potential pullback, especially as the MACD printed a bearish cross, suggesting short-term volatility.
Source: TradingView
As economic uncertainty grew, more investors saw Bitcoin as a potential haven. Its recent surge amid economic weakness positioned it as a hedge against traditional risks.
Despite institutional interest like Strive’s $100 million purchase, Bitcoin’s long-term stability remained uncertain. To prove itself as a haven, Bitcoin needed to maintain its upward trajectory.
Final Thoughts
- Bitcoin’s recent strength reflected more than short-term price momentum, as institutional positioning and whale behavior stayed firm despite macro pressure.
- If that divergence holds, Bitcoin may continue testing how markets define risk and refuge in uncertain conditions.
