Bitcoin Price Outlook: BTC Could Test $96K as It Bounces Off Support

Highlights:

• Bitcoin has bounced off the $89,496 support
• Rallying off this support could put the $96,526 resistance in focus
• A rebound across all risk-on markets, including stocks, could drive a rally 

Bitcoin (BTC) is showing some stability today after days in the red. At the time of going to press, Bitcoin was trading at $91,372.11, up by 0.72% in the day. This negligible increase in the price of Bitcoin has not been followed by a volume increase, though. At the time of writing, Bitcoin trading volumes were down by 39.02% to stand at $73.78 billion. This is a positive indicator for Bitcoin in the sense that holders are no longer under pressure to sell their Bitcoin. 

However, it also means that investors holding cash are not in a hurry to invest in Bitcoin at the moment. Quite expected given that the price has shown continued weakness in recent months. As such, money could be sitting on the sidelines waiting for a confirmed end to the correction before jumping in. However, there are multiple factors that point to Bitcoin getting close to the bottom.

Whales are Buying BTC Despite the Correction

One of them is the fact that whales are buying. Despite the gloomy picture around Bitcoin and cryptocurrencies in general, big investors are buying. Data shows that addresses holding more than 1000 Bitcoin have hit an all-time high over the last 4 months. This is a big deal, as such purchases could help support the price now that it is trading at a significant support level.

Besides, as whale purchases increase, retail confidence could go up as well. As the cost of Bitcoin starts showing signs of a rebound, Bitcoin could be headed much higher in the short to medium term.

Even with $BTC is sitting below $100k…

The number of entities holding 1k+ $BTC just jumped to 1,436.

That means over a thousand people or wallets hold that much $BTC.

Last time we saw this was right before the ETF launch and $BTC ran to $70k soon after.

Glassnode’s… pic.twitter.com/idIxi0KLch

— Jigen (@0xJigen) November 18, 2025

Bitcoin Holding Support Despite Strong ETF Outflows

Investor confidence in Bitcoin could rebound based on its price action despite heavy ETF outflows. Recently, there has been a strong outflow from BTC ETFs, the latest being $1.1 billion in weekly outflows. Despite such heavy outflow from Bitcoin, the price is holding steady above the $90k resistance.

Such points point to rising demand for Bitcoin in the spot market, and as this demand goes up, the price could rebound. A rally of $90k could also see ETF inflows start to rise again, adding to the demand. The result is that Bitcoin could rally back to prices above $100k in a short time.

BlackRock’s Bitcoin ETF sold $523.2M

LARGEST outflow in history pic.twitter.com/VetNcJJYy6

— Quinten | 048.eth (@QuintenFrancois) November 19, 2025

Stock Markets Rebound Could Push Bitcoin Back Above $100k

A Bitcoin rebound could also come from what is happening in the stock markets. In recent years, Bitcoin has been trading in the overall direction of the Nasdaq, albeit with bigger price moves. For the better part of November, the Nasdaq has been in a heavy correction. This has impacted Bitcoin as well and is a major contributor to Bitcoin’s slide below $100k. 

However, the Nasdaq is currently trading at support on multiple timeframes, and investors expect a rebound soon. Bitcoin, too, is trading around a significant support level. With Saudi Arabia pledging to invest $1 trillion in the US economy, the Nasdaq could be headed for a rally. Bitcoin could also rally off $90k and potentially rally back to prices above $100k.

United Arab Emirates has just agreed to a $1.4 TRILLION investment in America.

This follows President Trump striking a $1 TRILLION investment from Saudi Arabia.

The Golden Age of America is becoming a reality thanks to the art of the deal. pic.twitter.com/GaHfPxjSsV

— Paul A. Szypula 🇺🇸 (@Bubblebathgirl) March 21, 2025

Technical Analysis – BTC Bounces Off Support

After a sustained correction, Bitcoin appears to have found strong support at $89,496. If bulls sustain the momentum built up in the day, then a rally to the $96,526 resistance could follow.

On the other hand, if bears regain control and push Bitcoin through the $89.496 support, then a correction to $85k could follow. Of these two scenarios, the odds are higher for a rally to $96,526. That’s because the rising whale uptake of Bitcoin and the potential bullish reversal for the NASDAQ are significant bullish indicators for BTC in the short term.