After testing the critical support level of $102,800, Bitcoin recovered and rose above $105,000. However, on-chain data indicates that large investors, that is, whales, are reducing their positions. So how does the situation look in technical analysis?

In recent days, the Bitcoin market has been trying to find its direction among the complex signals of technical indicators and on-chain data. Especially the geopolitical developments in the Middle East and the movements of whales are in the focus of investors. After reports of Israeli airstrikes against Iran, BTC briefly tested the significant support level of $102,800. However, despite this pressure, buyers quickly intervened, pushing the price back above $105,000.

From a technical perspective, Bitcoin's daily candle chart is quite positive. This is a strong sign that the bullish trend is not yet over. Analyst Van de Poppe states, "Despite the decline, the daily close is optimistic. The RSI indicator is not in the overbought zone, which shows that the price maintains its upward movement potential." The $108,000 level, in particular, stands out as the first resistance point to be carefully monitored in the coming days.

On the other hand, on-chain analyses show that there are changes in the positions of large players. According to Glassnode data shared by analyst Ali Martinez, there is a significant decrease in the number of addresses holding 1,000 BTC or more. This indicates that whales have started to reduce the amount of Bitcoin they hold. Martinez commented, "Some of the largest whales with more than 1,000 BTC are shrinking their positions."

This data shows that some large investors are being cautious and realizing profits while prices rise. However, the fact that prices remain strong indicates that individual investors or smaller institutional investors are supporting the market with purchases.

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