Bitcoin trades sideways within an ascending triangle as resistance near $112K holds firm despite whale accumulation and fading volume.
Trader James continues to record losses on leveraged BTC positions, reflecting the broader market’s indecisive and consolidating nature.
A dormant whale re-entered the market with a 250 BTC buy, signaling long-term confidence amid short-term technical uncertainty.
James, a popular trader tracked by Onchain Lens, continues to face setbacks. After closing a 40x long position with a $70.71 loss, he switched to a high-leverage short on Bitcoin. Despite minimal exposure, James remains unable to capture profitable trades. His performance reflects broader market challenges as price action turns indecisive. Bitcoin currently trades at $106,200 against Tether on Coinbase. The asset has gained 0.20% in the past four hours, up $216.43. However, it remains stuck within a broader consolidation phase.
Ascending Triangle Dictates Market Behavior
Since late April, Bitcoin has formed a large ascending triangle pattern. This setup features rising trendline support and a flat resistance line near $112,000. The lower boundary connects recent swing lows, reinforcing a bullish foundation. However, repeated rejection at the resistance ceiling suggests caution.
Source: Crypto Caesar(X)
Bitcoin’s peak of $112,400 in late May attracted strong selling interest. Multiple wicks at that level confirm intense pressure from bears. The price retreated toward support near $106,000, where it currently consolidates.
Resistance levels persist at $108,000–$110,000 and $112,000–$114,000. Price failed to break these zones in multiple attempts during May. On the flip side, strong support sits at $101,000–$103,000, with backup at $95,000–$97,000. Volume has faded recently, hinting at limited institutional action. Besides, current activity shows reduced volatility, suggesting traders await a catalyst.
Whale Movement Signals Confidence
Meanwhile, Lookonchain reported a notable whale purchase. This dormant wallet acquired 250 BTC worth $26.37 million nine hours ago. Two years ago, it withdrew 500 BTC from Gemini at $27,401. Now, this address holds an unrealized profit of $39 million.
Such accumulation from long-term holders typically signals confidence. However, the broader market remains cautious. Technical indicators like Equal Highs confirm persistent selling near resistance. Break of Structure events highlight past momentum shifts. Moreover, the Change of Character pattern shows Bitcoin failed to sustain bullish direction at key levels.
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