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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, the second Alpha Price, which currently sits at $123,370. This development is accompanied by a surge in whale transfers to exchanges, a trend often linked to profit-taking or capital rotation.
According to on-chain data from Glassnode, the 7-day moving average of Bitcoin transfers from whales to exchanges has reached approximately 12,000 BTC, mirroring a previous spike seen in November 2024. While this level is still below last year’s peak, it signals rising liquidity movement and may indicate increased profit taking or capital rotation.
The recent failure to break through the second Alpha Price level suggests growing sell-side pressure. This has resulted in sideways action near the $117K mark, with prices showing a modest 0.73% decline over the past 24 hours and a relatively flat week-on-week performance of just -0.09%.
Trading volume remains high at over $56 billion, indicating active repositioning rather than calm accumulation. However, price stagnation near resistance, combined with elevated volume and whale activity, has triggered short-term caution flags for bulls.
The failure to clear the Alpha Price ceiling may have opened the door to further sideways action or minor pullbacks before any potential breakouts occur. Traders will be closely monitoring exchange inflows as sustained whale transfers could weigh on the price.
In order to regain momentum and target the $140,000 range, Bitcoin must first reclaim the current resistance level. The recent stagnation near this point has led some large players to adjust their positions, with capital movement suggesting that some large holders are shifting their assets.
The situation currently presents a challenging landscape for traders as buyers may be hesitant to enter new positions until the price breaks above the Alpha Price ceiling.
Source: blockonomi.com
