Bitcoin’s 31% rebound from March lows is powered by whale accumulation and a record $66.3M short squeeze on Binance.
Wallet data reveals nearly all holder cohorts are back in accumulation mode, reinforcing Bitcoin’s sustained bullish momentum.
Bitcoin holds above $105K amid continued short liquidations and strong on-chain buying pressure from large and small wallet holders.
Bitcoin has surged to $105,371, marking a sharp 31% recovery from March lows near $80,000. Binance recorded its largest short liquidation of 2025, wiping out $66.3 million in bearish positions on the BTC/USDT pair. This development reflects increasing pressure on short traders as Bitcoin extends its bullish momentum through May. Besides, price action has entered an upward channel with strong higher lows, indicating ongoing demand.
Source: CryptoQuant
Moreover, trading behavior on May 19 signals market resilience. Bitcoin is holding firm above the critical $105,000 psychological mark. Daily liquidation data confirms elevated volatility, with notable spikes in short liquidations as prices rise. Hence, traders caught in bearish bets are consistently forced to exit, contributing to upward pressure. Notably, this liquidation activity points to a potential continuation of the current uptrend.
Accumulation Patterns Reinforce Bullish Structure
Additionally, on-chain metrics reveal a shift in behavior across all wallet cohorts. Wallets holding less than 1 BTC, previously distributing, have started light accumulation with a score of ~0.55. Meanwhile, mid-tier holders (100–1K BTC) show stronger accumulation, scoring ~0.9. Cohorts holding 1K–10K BTC also reflect similar trends, scoring ~0.85.
Source: Glassnode
However, the 1–10 BTC range remains the only net selling group, responding quickly to short-term price moves. This divergence between cohorts suggests strategic positioning by whales and institutional investors. Consequently, retail traders appear more reactive, while large holders accumulate during dips.
Market Structure Signals Further Momentum
Bitcoin's year-to-date journey has been marked by heavy volatility and strategic accumulation. Starting around $94,000 in January, Bitcoin peaked near $102,000 before correcting sharply to $80,000 in March. The correction triggered the deepest price low on recent charts but also created an accumulation base.
From April onward, a trend reversal began. Bitcoin steadily recovered to $97,000, breaking $100,000 in early May. Short squeezes intensified during this rally, leading to the recent $66.3 million liquidation spike. Additionally, a consistent uptrend has formed, supported by whale accumulation and reduced sell pressure.
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