According to Spot on Chain, a Bitcoin whale, dormant for three years, has just deposited 200 BTC ($18.4 million) to Binance. This move comes as Bitcoin’s price drops around 4.5% in a single day. Previously, the whale withdrew 300 BTC in 2022 at an average price of $30,873. Despite the recent deposit, the whale still holds 98.2 BTC, with an estimated total profit of $18.2 million, reflecting a 198% gain. This transfer raises questions about whether this is a strategic exit amid market volatility.
Bitcoin Consolidates as Resistance and Support Levels Hold
Analyst Crypto Caesar shows Bitcoin remains within a defined trading range, showing signs of both support and resistance. The price recently dropped 1.38% and closed at $94,925.65 after reaching a high of $96,504.36. Resistance remains firm at $105,500, while support holds between $90,500 and $93,500. Multiple break-of-structure (BOS) points indicate bullish attempts, but momentum failed to sustain, leading to retracements.
A notable change of character (CHOCH) appeared near the $105,500 resistance level. This signals a potential shift in trend, as price action failed to break previous highs. The equal lows (EQL) around $90,500 suggest liquidity accumulation, with buyers likely positioned there. Volume data indicates higher trading activity during bullish runs, while corrections coincide with declining volume.
Triangle Pattern Signals Imminent Bitcoin Breakout
Analyst Eliz shows Bitcoin’s price forms a symmetrical triangle, signaling an impending breakout. The current price hovers at $93,215.51, with crucial support at $83,291.31 and $77,571.30. If Bitcoin breaks above the $102,000 resistance, it could push toward the $110,000 – $120,000 range.
Conversely, a failure to breach resistance may result in a bearish move toward the lower support zones. Price rejection previously occurred near $95,000 – $97,000, reinforcing this resistance zone. The market remains in consolidation, awaiting confirmation of the next move.
Liquidity at key levels will shape Bitcoin’s short-term volatility. The structure of higher lows suggests accumulation, while the descending upper trendline reflects selling pressure. If Bitcoin breaks out with strong volume, a rapid price surge may follow.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
