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BTC Price Struggles Below Key Level as Bitcoin Whale Transfers Spike
The price of Bitcoin has failed to break through its second Alpha Price level, currently set at $123,370. This significant resistance zone is a key area for the cryptocurrency’s short-term trajectory.
According to Joao Wedson, the Alpha Price blends key valuation metrics to identify potential support and resistance points. These thresholds often act as market reaction zones. The failure to clear this upper band suggests growing sell-side pressure. It’s crucial for buyers to reclaim the current Alpha cap before attempting to breach higher levels. Until then, investors may remain cautious.
A temporary dip below $120,000 could be necessary to reset market positioning.
On-chain data from Glassnode reveals a concerning spike in Bitcoin transfers from whales to exchanges. The 7-day moving average has approached 12,000 BTC, mirroring a previous peak in November 2024, which is often associated with distribution phases.
The current trend points toward increased liquidity movement and rising profit-taking or capital rotation. These large-scale transfers are typically linked to profit realization or the adjustment of capital positions. As whales move assets onto exchanges, it can lead to heightened sell pressure. The timing aligns with Bitcoin’s inability to push past a key resistance area.
Despite minimal 0.09% change over the past week and a mere 0.73% decline in the last 24 hours, trading volume has remained elevated at $56 billion. This significant market activity does not suggest calm accumulation but rather active repositioning.
The price stagnation near this critical level, accompanied by high volume and whale activity, suggests caution for bulls in the short term. A clear break above resistance would open the door to a potential move toward $140,000. Until then, sideways action or minor pullbacks seem more likely.
Traders will be closely monitoring exchange inflows, as sustained whale transfers could negatively impact Bitcoin’s price.
Source: blockonomi.com
