Key Takeaways
Bitcoin reclaimed $113,000 Thursday despite renewed selling from an “OG” whale who sent 250 BTC ($28M) to Binance.
Daily gains of 1.6% triggered $40M in short liquidations, but traders say BTC must clear $117,500 to avoid a bearish “double top.”
Accumulation by retail and institutions is at its highest since April, suggesting potential for further upside.
Bitcoin Holds Firm at $113K as Whales Sell
Bitcoin’s price rebounded to $113,365 on Thursday, overcoming fresh selling pressure from a long-dormant whale entity, according to data from Cointelegraph Markets Pro and TradingView.
The uptick came as traders liquidated around $40 million in crypto shorts over a four-hour span, per CoinGlass. Despite whale activity, demand from Asian markets helped keep Bitcoin in positive territory.
Blockchain tracker Lookonchain flagged the latest whale sale, with 250 BTC transferred to Binance following a 750 BTC sell-off the day prior. The whale, identified as address “bc1qlf,” still holds about 3,000 BTC ($339M).
Analysts Split on Whale Distribution and Market Top Risks
Veteran trader Peter Brandt noted that the selling reflected “classic market tops,” warning that supply-driven distribution often signals local price ceilings.
“It represented SUPPLY. Tops in markets are created by SUPPLY or DISTRIBUTION,” Brandt wrote on X.
However, analysts at Bitwise pointed to growing accumulation instead. Andre Dragosch, head of research at the firm, said both retail and institutional buying are now at their highest since April, during Bitcoin’s recovery from sub-$75K lows.
“Such high levels of accumulation tend to precede major breakouts,” Dragosch said, citing Bitwise data.
Technical Watch: $117,500 Key to Confirm Breakout
While Bitcoin’s recovery has eased concerns of further downside, analysts caution that the market remains at a crossroads.
Brandt said BTC/USD must reclaim $117,500 to avoid forming a double top pattern, which would invalidate seven weeks of bullish structure.
Meanwhile, the Coinbase Premium Index turned red on Wednesday, according to CryptoQuant, suggesting weakening U.S. demand compared to Asia-led buying earlier in the week.
Bitcoin’s ability to shrug off whale selling is a bullish sign, but traders warn that the next leg higher depends on breaking resistance near $117,500. Until then, risks of a technical reversal remain, even as long-term accumulation strengthens the bullish case.
