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BTC Price Struggles Below Key Level as Bitcoin Whale Transfers Spike
Bitcoin’s price has been stuck below a critical resistance level, as significant whale transfers have increased. This combination of factors suggests short-term caution for bulls.
The current situation is causing frustration for many investors who were hoping to see the cryptocurrency break above its second Alpha Price level, currently set at around $123K. Unfortunately, Bitcoin failed to breach this threshold, indicating growing sell-side pressure. It’s essential to keep in mind that these thresholds often act as market reaction zones and failing to clear them can lead to a temporary dip or sideways movement.
Meanwhile, whale activity has been rising, with transfers from large holders (whales) to exchanges reaching a level unseen since November 2024. According to data provided by Glassnode, the 7-day moving average is now approaching 12,000 BTC, which mirrors a similar spike in 2024 often linked to distribution phases.
Large transfers from whales are typically tied to profit realization or capital rotation. Whenever these entities move their assets onto exchanges, it often leads to increased sell-side pressure and potentially lower prices. Given the timing of this whale activity aligning with Bitcoin’s struggle near key resistance, market participants should exercise caution in the short term.
In a strange twist, despite the price volatility, trading volume has remained high at over $56 billion. This unusual combination suggests that traders are actively repositioning their assets rather than engaging in calm accumulation. The current sideways action and stagnant price movement near resistance, coupled with the elevated volume and whale activity, raises flags for short-term bulls.
If Bitcoin manages to clear its second Alpha Price level, it would unlock a potential path toward $140K. However, until this happens, bulls will likely need fresh momentum to push higher.
Source: blockonomi.com
