Bitcoin (BTC) is trading near the $110,000 mark, having risen nearly 4.5% over the past seven days. The price has held above $105,000 for the last four days, reinforcing a bullish sentiment in the market.
This stable dynamics occurs amid a pause in accumulation by whales and strong technical indicators such as bullish alignment of the exponential moving average (EMA) and Ichimoku cloud support. As Bitcoin tests key resistance levels, traders are closely monitoring whether the momentum will be sustained or if a pullback will emerge on the horizon.
Bitcoin whales pause accumulation
Between May 28 and June 4, the number of Bitcoin whale wallets—those containing between 1,000 and 10,000 BTC—increased from 2,002 to 2,017.
This short-term increase indicated a resurgence of 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 figure at 2,013.
This lack of further growth indicates a pause in aggressive accumulation, at least for the moment. Tracking Bitcoin whales is important, as their movements often precede significant price changes. These large holders can influence market sentiment, create waves of liquidity, and signal institutional confidence or caution.
The current plateau in whale activity may reflect a 'wait and see' approach amid uncertain macroeconomic or technical conditions.
While recent growth hinted at accumulation, the resulting stagnation suggests that whales may hesitate regarding further capital placement at current price levels—potentially limiting short-term gains unless a new catalyst emerges.
Bitcoin Remains Above the Cloud, But Momentum Stalls
The Ichimoku cloud chart for Bitcoin shows price dynamics above the green cloud, reflecting a bullish market structure.
The upper boundary of the cloud (Leading Span A) has an upward trend, and the green color of the cloud ahead indicates a continuation of bullish momentum. The cloud acts as a potential support zone.
The recent breakout from the red cloud confirms that buyers have taken control after consolidation. The blue line (Tenkan-sen) remains above the red line (Kijun-sen), which is another bullish signal indicating that short-term momentum is stronger than the medium-term trend.
However, both lines have slightly flattened, indicating a potential pause or minor consolidation.
The green lagging line (Chikou Span) is positioned above the price and the cloud, reinforcing the bullish tilt. However, its convergence with the current price dynamics indicates that any drop below the Tenkan-sen may require caution.
Bitcoin is undergoing a key support test
The EMA structure for Bitcoin remains clearly bullish, with short-term EMAs consistently above long-term ones and a healthy gap between them.
This alignment confirms a strong upward momentum and suggests that the continuation of the trend is still intact unless disrupted.
As the price of Bitcoin approaches the next resistance level, a breakout above this level could pave the way for further gains and potentially establish new short-term highs. However, downside risks remain. If support near the $108,000 zone fails, Bitcoin may enter a correction phase, targeting gradually lower support levels.
A breakout below the $106,700 region would open the door for a deeper pullback, with the $103,000 and $100,400 zones becoming potential targets in a stronger downward trend.
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