Bitcoin rose towards the $94,000 mark on January 5, pushing towards a key resistance zone near $94,700. The move came as institutional demand resurfaced, led by a new Bitcoin purchase from Strive Asset Management.
Strive’s Bitcoin purchase 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 January 4, according to the disclosures.
Source: strive
The acquisition brought Strive’s total Bitcoin holdings to 7,626.8 BTC, valued at nearly $708 million at the time. That move placed Strive among the largest corporate holders of Bitcoin, reinforcing the growing institutional footprint in the market.
Following the announcement, equity products linked to Strive rose sharply by 15%, reflecting positive reception from investors.
Macro Weakness Failed to Slow Bitcoin
The US ISM Manufacturing PMI hit a 14-month low of 47.9, while the expectation was 48.4. Despite this disappointing data, the price of Bitcoin continued to rise.
As the economy struggled with inflation and slow growth, Bitcoin [BTC] challenged the broader market, continuing its upward trend.
Source: X
This led investors to more seriously consider Bitcoin as a hedge against economic uncertainty. Could Bitcoin’s rise, in the face of weakening economic indicators, indicate its evolution towards a true safe haven asset?
Whale accumulation fueled five-day surge
Digging into the details, Bitcoin surged $7,000 in just five days, largely driven by whale activity. Large institutional buyers played a key role in boosting Bitcoin’s market capitalization by $135 billion.
Source: CryptoQuant
According to CryptoQuant, the rise was largely driven by significant purchases from new whales, highlighting the growing institutional participation 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 and not just a temporary price jump.
Can Bitcoin stay above $94,000?
Bitcoin’s move above $94,000 marked a key milestone. The question was whether it could hold this support and continue towards $100,000, an increase of 7.23%.
If it were to remain above $94,000, further price increases could occur.
However, market volatility raised concerns about a possible pullback, especially when the MACD printed a bearish crossover, suggesting short-term volatility.
Source: TradingView
As economic uncertainty grew, more investors saw Bitcoin as a potential haven. Its recent rise amid economic weakness positioned it as a hedge against traditional risks.
Despite institutional interest such as Strive’s $100 million purchase, Bitcoin’s long-term stability remained uncertain. To prove its worth 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 remained strong despite macro pressure.
- If that divergence holds, Bitcoin may continue to test how markets define risk and refuge in uncertain conditions.
