Bitcoin’s market momentum could be set for a lift as large holders, or “whales and sharks,” continue to accumulate while retail traders take profits, according to on-chain analytics platform Santiment.
“Crypto markets typically follow the path of key whale and shark stakeholders, and move in the opposite direction of small retail wallets,” Santiment said on Monday.
Whales and sharks are defined as holders with 10 to 10,000 BTC, while retail traders hold less than 0.01 BTC. Since mid-December, this cohort has collectively added 56,227 BTC to their positions.
“This marked crypto’s local bottom. And even though markets remained relatively flat, the bullish divergence from their accumulation was bound to trigger at least a minor breakout,” Santiment noted.
Over the past 24 hours, the trend has strengthened as retail traders took profits, anticipating a “bull trap” or “fool’s rally.”
Santiment concluded that these dynamics increase the likelihood of continued crypto market cap growth, stating, “we have a higher probability than usual to see market cap growth throughout crypto.”
Bitcoin breakout could be on the horizon
Bitcoin has traded mostly sideways for the past six weeks, remaining range-bound between roughly $87,000 and $94,000 since mid-to-late November.
The cryptocurrency is currently testing the upper end of this range, hitting a seven-week high of $94,800 on Coinbase during late trading on Monday, according to TradingView.
Analyst James Check noted on Tuesday that Bitcoin is starting 2026 with a push toward $94,000, “but the real story is the massive supply redistribution happening under the hood.”
Check highlighted that the previously “top-heavy supply” has rebalanced from 67% to 47%, profit-taking has sharply declined, and futures markets are experiencing a short squeeze — all while overall market leverage remains low.
Bitcoin in bullish consolidation phase
“Bitcoin remains in a bullish consolidation phase,” Andri Fauzan Adziima, research lead at crypto exchange Bitrue, told Cointelegraph.
Adziima noted that key upside resistance is between $95,000 and $100,000, with significant call option activity concentrated around the $100,000 strike for January expiry. Immediate support is seen between $88,000 and $90,000, with a break below that range potentially triggering a deeper correction.
