Recently, there has been an increase in activity among large Bitcoin addresses, which may significantly influence its price.
Whales Return to Active Involvement
Addresses holding more than $10 million in Bitcoin have increased by 4.23%, indicating renewed interest from major market players. There has also been a 2.71% rise in addresses holding between $100,000 and $1 million, and a 2.34% increase in those between $1 million and $10 million. This cross-sectional growth signals large-scale asset repositioning.
Bitcoin Under Pressure: Critical Thresholds and Technical Signals
Currently, Bitcoin's price is stuck in a range between $107,000 and $110,000, the breakthrough of which may open the door to the next psychological threshold at $120,000. The Relative Strength Index (RSI) at 55 indicates market balance, providing a foundation for potential upward movement. Additionally, a significant number of large withdrawals have led to a 39% reduction in market liquidity, which could further intensify upward price pressure.
How Whales Could Rekindle the Bull Trend
Large addresses have the power to change market balance. The increase in the number of addresses with over $10 million is part of a more strategic and long-term approach rather than short-term speculation. Support at the $110,000 level may be key to further gains. These actions crystallize the anticipation of structural changes in the market, possibly leading to a resurgence of the bull market.
The return of whale activity could present new opportunities in the Bitcoin market, leading to potential changes in trends and price increases. As the coming weeks unfold, much will depend on whether prices can surpass key resistance levels.
