Bitcoin whales doubled down on their BTC purchases, but long-term holder selling and resistance above $106,000 have curtailed the recovery to $110,000.
Bitcoin (BTC) has rebounded 8.7% to $107,500 on Tuesday, following its four-month low of $98,900, as whales took advantage of discounted prices to add to their holdings. The price has since corrected below $103,000 on Thursday, as $106,000 proved a tough barrier to break.
Market participants have observed deliberate posturing by whales, as these large holders recorded their second-largest accumulation of 2025, according to data from market onchain data provider CryptoQuant.
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In March, whales — entities holding 1,000 BTC or more — initiated the most significant accumulation wave of the year amid a sharp decline in Bitcoin price.
“In the last week, whales accumulated more than 45,000 BTC, marking the second-largest weekly accumulation process in these wallets,” said CryptoQuant analyst Caueconomy in a Wednesday Quicktake analysis, adding:
“Large players are once again taking advantage of the capitulation of small investors to absorb coins.”
Nevertheless, this spot buying volume was insufficient to demonstrate a more widespread buy-the-dip recovery pattern.
There is a need for “renewed conviction and stronger demand from new market entrants” and other investors, such as day traders and retail investors, to push the price to above $106,000, Glassnode said in its latest Week Onchain report.
However, not all Bitcoin whales are accumulating. Long-term whale, Owen Gunden, continued to sell, transferring 2,401 BTC worth $245 million to Kraken on Thursday, according to Onchain Lens.
As Cointelegraph reported, OG holders have moved large sums of BTC to exchanges, raising concerns about long-term confidence as Bitcoin loses momentum.
The BTC/USD pair failed to break $106,000 as its rebound stopped short of a bull market comeback.
This is due to “a dense supply cluster between $106K and $118K that continues to cap upward momentum, as many investors use this range to exit near breakeven, said Glassnode.
According to Bitcoin’s cost basis distribution heatmap, investors hold about 417,750 BTC at an average cost of between $106,000 and $107,200, establishing a resistance zone.
Glassnode added:
“This overhang of latent supply creates a natural resistance zone where rallies may stall, suggesting that sustained recovery will require renewed inflows strong enough to absorb this wave of distribution.”
Traders say the BTC/USD pair must flip the resistance between $106,000 and $107,000 into support to target higher highs above $110,000.
“BTC is trending up on the lower time frame,” said analyst Daan Crypro Trades in a recent X post, adding:
“But it needs to break that $107K area. If it can do so, it would turn this into a decent deviation and retake back into the range.”
Technical analyst CRYPTO Damus said BTC price to “make a higher high above 106K and breakout above the down trend line at $107,350 to flip the script bullish.”
“If we want to break upward, I’d rather want to see a break north of $108K-$110K, and then we’ll see a new ATH,” MN Capital founder Michael van de Poppe said in a Friday post on X.
As Cointelegraph reported, a break and close above the breakdown level of $107,000 would signal that the bulls are back in the driver’s seat.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
