Bitcoin has been facing challenges staying above the $100,000 mark since the onset of February, partly due to the market volatility sparked by Donald Trump's tariff wars. Despite the uncertain environment, a significant group of Bitcoin holders who have refrained from selling have been ramping up their accumulation, showcasing their strong faith in the cryptocurrency's future.

Known as permanent holders, these investors continue to accumulate Bitcoin over time without engaging in selling transactions, indicating a long-term investment perspective. Data from CryptoQuant, an on-chain analytics platform, highlights a surge in Bitcoin's Permanent Holder Demand, suggesting a growing trend among long-term holders.

Following a dip to a year-to-date low on February 2, demand from these strategic investors has skyrocketed, defying the early February correction in Bitcoin's price. This resilience among long-term holders indicates a prevailing bullish sentiment, with fewer holders selling compared to previous cycles.

The recent attempt by Bitcoin to exceed its 20-day exponential moving average (EMA) indicates a renewed interest in the cryptocurrency. Currently trading at $98,022, slightly below the key moving average resistance at $98,995, Bitcoin's potential breakout above this level could signal a bullish momentum shift towards an uptrend.

Should the sustained demand from permanent holders persist, Bitcoin may surge above the 20-day EMA resistance, aiming to reclaim its all-time high of $109,356. Conversely, a failure to maintain accumulation levels could lead to a price drop to $92,325, reversing the recent gains.