Signals from Bitcoin speculators and miners suggest a potential bullish rally is imminent. New data from CryptoQuant shows that large Bitcoin holders currently hold a balance of 3.57 million BTC. This figure is close to the previous high of 3.74 million BTC set earlier in 2021.
Bitcoin Whales Are Increasing Their Holdings
As whales continuously add to their reserves, they act as a strong demand reservoir. Their increasing accumulation reduces available supply and provides price support.
The current upward trend in whale holdings indicates that institutions and high-net-worth investors view the dip as a buying opportunity and anticipate higher prices in the future.
"This metric reflects the actual balance of large holders by excluding exchange addresses and mining pools. This provides a clearer view of the strategic accumulation of large investors. The remaining growth in whale holdings often signals institutional confidence and strong fundamental demand, which are key drivers of the long-term bullish cycle," said CryptoQuant analyst JA Maartunn.
But not all indicators are pointing up. According to CryptoQuant, the Hash Ribbons indicator—which tracks miner stress—recently signaled a buy.
This often reflects short-term volatility when miners face profitability issues, forcing some to sell Bitcoin to maintain operations.
Historically, these short-term stresses often set the stage for sustained price increases. Miners capitulating could trigger an initial price drop.
But ultimately, it will weed out weaker companies from the market and tighten supply.
Last week, the price of Bitcoin showed significant volatility. Influenced by the heated public dispute between Elon Musk and Donald Trump, Bitcoin briefly dropped below $101,000. This triggered nearly $1 billion in liquidations.
However, Bitcoin quickly recovered above $105,000, indicating strong buying pressure.
Technical analysts are also optimistic. They emphasize the "cup and handle" pattern on Bitcoin's daily chart, suggesting a bullish breakout if the price surpasses $108,000.
Furthermore, institutional activity supports this bullish outlook. Bitcoin futures open interest has risen by over $2 billion in recent days, while funding rates remain low. This scenario creates fertile ground for a potential short squeeze.
Will BTC Maintain the Psychological Support Level of $100,000?
Currently, the accumulation data of whales and miner stress defines a clear trading range. Strong support lies between $100,000 and $102,000.
This means BTC is likely to maintain the psychological level of $100,000 even during short-term corrections.
Meanwhile, the resistance level is waiting in the $108,000–$110,000 range, where a breakout could push the price up to $120,000.
Traders should closely monitor catalysts, such as continued selling by miners, as these factors can quickly impact price movements.
Additionally, macroeconomic headlines related to the Fed and global trade dynamics are likely to keep volatility high.