Bitcoin (BTC) has shown remarkable resilience despite the broader market facing significant turbulence. In stark contrast to the dramatic declines seen in U.S. stocks, Bitcoin has only experienced a minor pullback, suggesting that the cryptocurrency is increasingly decoupling from traditional risk assets. With a market cap drop of just $90 billion, Bitcoin’s relative stability could pave the way for its next leg up — potentially reaching $100k sooner than expected.

Since February 19, 2025, the U.S. stock market has experienced a staggering $11 trillion drawdown. The market turmoil worsened after what has been referred to as “Liberation Day,” when economic pressures led to heightened instability. Gold, too, has seen a retracement in its price, with a 3% drop since early April, erasing $520 billion in market cap. On the other hand, Bitcoin only corrected by 5.17% from its $1.74 trillion valuation, marking a relatively small dip when compared to the broader market losses.

This divergence from traditional markets is a critical indicator of Bitcoin’s positioning as a potential haven asset. While stocks and gold have struggled with the macro deleveraging cycle, Bitcoin has managed to hold steady, suggesting that it may be gaining more traction among investors seeking stability in uncertain times.

Long-Term Holders Lead the Way

Bitcoin’s price action is also being driven by long-term holders (LTHs), who continue to accumulate the asset, even as short-term holders (STHs) have faced considerable losses. The supply of Bitcoin held by short-term holders has decreased to a two-month low of 3.7 million BTC, as these investors, who typically buy during market rallies, are now sitting on realized losses. This group had entered the market during Bitcoin’s highs, such as the $84k range in early March, only to experience prolonged losses as the market retraced.

Meanwhile, long-term holders are showing no signs of wavering. Bitcoin’s net position change data highlights aggressive accumulation from LTHs, who have been buying at an average price of around $84k per BTC. This suggests strong conviction among seasoned investors who see Bitcoin’s long-term potential despite short-term volatility. This growing accumulation and the continued exit of weak hands from the market set the stage for Bitcoin to gain momentum and potentially push towards the $100k mark.

Bitcoin as a Safe Haven Asset

Bitcoin’s growing status as a hedge against macroeconomic uncertainty is becoming increasingly evident. With global markets under pressure, investors are looking for alternatives to traditional assets. Bitcoin has emerged as a potential safe haven, drawing capital from risk assets like stocks and even safe-haven assets like gold. Recently, Germany initiated a move to pull 1,200 tonnes of gold worth $124 billion from New York reserves, signaling a shift away from gold. If this trend continues, Bitcoin may benefit as more capital is directed toward decentralized, non-governmental assets.

The recent sell-offs in the S&P 500 and gold have made Bitcoin an attractive alternative. With the S&P 500 losing $4 trillion in market cap in a week — the biggest drop since the COVID-19 crash — and gold losing its appeal as a global safe haven, Bitcoin remains a strong contender for institutional and retail investors looking to hedge against inflation and market instability.

Bitcoin’s Critical Resistance Levels

For Bitcoin to gain further bullish momentum, it must break through key resistance levels between $85k and $87k. These levels have acted as a ceiling in recent weeks, and clearing them would signal a continuation of Bitcoin’s bullish trend. A strong bid wall in this range would create the foundation for a breakout, propelling Bitcoin toward its ultimate goal of $100k.

Bitcoin has shown its resilience during times of macroeconomic turbulence, and as long as demand for the asset remains robust, the path to six-figure price discovery remains well-positioned. The presence of whale cohorts (investors holding more than 1,000 BTC) continues to provide strong support, ensuring that a significant pullback below $80k remains unlikely.

Conclusion

Bitcoin’s ability to withstand the broader market’s struggles and its growing status as a potential safe haven asset suggest that the cryptocurrency’s trajectory remains bullish. As capital continues to flow into Bitcoin and as long-term holders accumulate, the stage is set for a possible rise to $100k. The divergence from traditional risk assets only reinforces Bitcoin’s potential as a store of value, making its path to six figures a very real prospect in the near future.