$BTC Bitcoin whales are slowing down near all-time highs – What will happen next?
Bitcoin (BTC) is trading back near the $110,000 mark, up nearly 4.5% in the past week. The price has held above $105,000 for the past four days, reinforcing bullish sentiment in the market.
This stable performance occurs amidst a pause in whale accumulation and strong technical indicators like the bullish EMA line and Ichimoku Cloud support. As BTC tests key resistance levels, traders are closely watching to see if momentum will continue or a pullback is imminent.
BTC whales pause accumulation
From May 28 to June 4, the number of Bitcoin whale wallets (those holding between 1,000 to 10,000 BTC) increased from 2,002 to 2,017.
This brief uptick indicates renewed interest from large holders, often considered smart money. However, since then, the number of whales has stabilized, fluctuating between 2,013 and 2,016 over the past week, with the current number being 2,013.
The lack of sustained growth indicates a pause in strong accumulation, at least at this point in time.
Tracking Bitcoin whales is crucial as their movements often precede significant price changes. These large holders can influence market sentiment, create liquidity waves, and signal institutional confidence or caution.
The current stability in whale activity may reflect a wait-and-see approach amid uncertain macro or technical conditions.
While the recent uptrend hints at accumulation, the subsequent stagnation suggests that whales may be hesitant to deploy more capital at the current price level – potentially limiting bullish momentum in the short term unless new catalysts emerge.
Bitcoin remains above the clouds, but growth momentum has stalled.
Bitcoin's Ichimoku Cloud chart shows price action above the green cloud, reflecting a bullish market structure.
The Leading Span A line (the upper edge of the cloud) tends to rise, and the green of the forward cloud indicates continued bullish momentum. The cloud acts as a potential support area.
The recent breakout from the red cloud confirms that buyers have taken control after a consolidation period.
BTC Ichimoku Cloud. Source: TradingView.
The blue line (Tenkan-sen) remains above the red line (Kijun-sen), another bullish signal indicating that short-term momentum is stronger than the medium-term trend.
However, both lines are flattening slightly, indicating the possibility of a pause or minor consolidation.
The green lagging line (Chikou Span) is positioned above the price and the cloud, reinforcing the bullish trend. However, its convergence with current price action suggests that any drop below the Tenkan-sen could warrant caution.
BTC faces an important support test
Bitcoin’s EMA structure continues to maintain a strong bullish trend, with short-term EMAs consistently above long-term EMAs and a safe distance between them.
This arrangement confirms strong bullish momentum and suggests that the trend will continue unless broken.
As BTC price approaches the next resistance threshold, breaking through this level could pave the way for subsequent bullish rallies and potentially establish new highs in the short term.
BTC price analysis. Source: TradingView.
However, downside risks remain. If support near the $108,000 area fails, BTC could enter a correction phase, targeting gradually lower support levels.
Breaking the $106,700 threshold would open the door for a deeper pullback, with the $103,000 and $100,400 levels becoming potential targets in a deeper downtrend.
