Bitcoin Price Analysis: Traders Open 200,000 New BTC Wallets amid Bybit Hack, $100K Rebound Ahead?

Bitcoin price flashes $100,000 rebound signals as new entrants capitalize on the recent Bybit hack impact to buy BTC at low prices.

Bitcoin Price Stabilizes at $95K as Altcoin Traders Reallocate Capital

Bitcoin (BTC) experienced mild sell-side pressure on Sunday, dropping 3% before stabilizing above $95,500. This negative price action followed the Bybit exchange hack on Friday, which temporarily rattled investor confidence. However, BTC quickly found support, signaling renewed market interest.

With altcoin traders regaining confidence, capital began flowing back into alternative assets, with Ethereum (ETH) and Tron (TRX) leading the recovery. ETH posted a 1.8% gain, while TRX surged 3%, further highlighting a shift in investor sentiment.

Bitcoin price analysis, Feb 23 | BTCUSDT

BTC price action remains volatile, but its ability to maintain support above $95,000 suggests continued accumulation. Market analysts anticipate further bullish momentum if BTC breaks past immediate resistance at $97,000 in the coming sessions.

200,000 New BTC Wallets Created Amid Bybit Hack

With bulls forming a steady support base above the $95,000 level, momentum continues to hang in the balance for the week ahead. However, on-chain data trends shows that Bitcoin attracted an unusual number of new users over the last few days, signaling new entrants capitalizing on the market crash that followed the Bybit hack to enter the fray. 

The latest date culled from Blockchain analytics firm Santiment shows that 200,000 new BTC wallets were created in the last few days.

Bitcoin (BTC) Total Holders, Feb 23, 2025 | Source: Santiment

Prior to the Bybit incident, total BTC wallets stood at 54.4 million on Feb. 18. By Feb. 23, that number had climbed to 54.6 million, signaling a 200,000 increase in new BTC holders. This trend indicates two key narratives:

• Exchange Users Moving BTC to Cold Storage: Many traders opted to transfer holdings off centralized platforms to mitigate potential security risks. This migration of assets from exchanges drains short-term supply of BTC available to be traded on exchanges, increasing the chance of rapid price spikes when market demand returns.
• New Entrants Capitalizing on BTC’s Price Dip: Fresh inflows from retail and institutional investors driving rapid BTC acquisitions at lower price levels.

Historically, such accumulation phases precede significant rallies, with traders positioning themselves ahead of a potential Bitcoin price breakout.
With reduced liquidity on exchanges, upcoming demand surges could trigger rapid BTC price spikes.

If Bitcoin maintains support above $95,000 and buying pressure continues, analysts project a potential retest of the $100,000 psychological level in the days ahead.

Bitcoin Price Forecast: BTC Targets $100K Amid Increasing Market Demand

Bitcoin price is showing signs of resilience following the Bybit-related sell-off. The 12-hour chart indicates BTC is consolidating above critical support at $95,000, with the next key resistance at $97,000. A breakout beyond this level could propel BTC towards the highly anticipated $100,000 milestone.On-chain metrics reinforce this bullish outlook. The sharp rise in new wallets suggests a fresh wave of investors entering the market. Additionally, lower exchange supply means BTC could experience more pronounced price movements when demand spikes.

Short-term traders will be closely monitoring price action around $97,000, while long-term holders remain optimistic about Bitcoin’s upward trajectory. Should BTC breach resistance levels, its next target will be the $100,000 threshold, further cementing its dominance in the crypto market.
With institutional interest growing and market fundamentals strengthening, Bitcoin’s latest correction appears to be another stepping stone towards new highs.

BTC Technical Analysis: Momentum could swing bullish if key support levels hold

From a technical perspective Bitcoin price forecast charts show BTC is testing key support after slipping to $95,832, reflecting a 1.47% decline in the last 12-hour session.

The current trading range sits between $96,763 and $93,725, as indicated by the Keltner Channel (KC), showing BTC approaching the lower boundary. Historically, such touches often trigger a rebound, but failure to hold above $93,725 could extend losses toward the $92,000 region.

Bitcoin Price Forecast (BTCUSDT)

The Relative Strength Index (RSI) stands at 43.67, signaling moderate bearish pressure, while the RSI moving average at 46.87 hints at weakening momentum. A push above the 50 threshold would confirm renewed buying interest, potentially fueling a climb beyond the $96,763 mid-KC band.

If bullish volume surges, BTC could retest $99,800, aligning with the upper KC boundary, and set the stage for a run toward the psychological $100,000 mark.

Conversely, persistent bearish momentum could deepen the correction, with fading trading volume indicating a lack of strong demand. If BTC slides below $93,725, a cascade of liquidations may accelerate a drop toward $90,000. The coming sessions are pivotal, with bulls needing to reclaim $96,763 to keep the rebound scenario intact.

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