Bitcoin (BTC) has been trading near the $110,000 mark, showing a steady gain of nearly 4.5% over the past week and maintaining prices above $105,000 for the last four days. This stability accompanies a pause in accumulation by Bitcoin whales—large holders owning between 1,000 and 10,000 BTC—whose numbers stabilized around 2,013 wallets after a slight increase earlier. Whale activity is crucial as it often signals major market shifts, but this plateau suggests caution or a wait-and-see stance amid uncertain macroeconomic and technical conditions.
Technical indicators bolster a bullish outlook: Bitcoin’s price remains above the Ichimoku Cloud green support zone, and key EMA alignments suggest strong upward momentum. The Tenkan-sen line is above the Kijun-sen line, emphasizing short-term momentum, although slight flattening hints at a potential pause or minor consolidation. Support at around $108,000 remains key, with breakdowns below $106,700 possibly triggering corrections towards lower supports at $103,000 and $100,400.
Institutional demand also plays a significant role in the recent rally. Bitcoin rebounded above $108,000 after a sharp sell-off below $100,000, gaining 1.7% in 24 hours and reaching $109,505. On-chain metrics like the Binary Coin Days Destroyed indicate long-term holders are holding firm, reducing selling pressure. Additionally, a 20x leveraged long position worth $50 million was opened at $106,500, and 997 BTC were withdrawn from Kraken, signaling strong conviction by large investors.
Meanwhile, the Coinbase Premium Index shows increased buying pressure from US institutional investors, while retail sentiment has recently surged into the 'greed zone,' marking increased FOMO among smaller traders. Technical analysis points to a bullish momentum with cautious signs of short-term correction risk as buying pressure cools slightly.
In summary, Bitcoin’s price is being influenced by a blend of whale activity stabilization, robust institutional demand, and strong technical support, all while the market awaits clear breakout confirmation above current resistance levels that could pave the way for new short-term highs.