The Bitcoin price is currently trading around $109,100, hovering near its recent peaks of around $110,300 as it pushes against recent selling pressure. In the past 24 hours, Bitcoin has exhibited fluctuations between $108,800 and $110,550, illustrating a modest yet persistent volatility. Over the week, the cryptocurrency has shown positive momentum, climbing approximately 1.4%. This upward trend has been bolstered by renewed institutional interest, notably through U.S. spot Bitcoin ETFs that have drawn in over $400 million, led by Fidelity’s FBTC. Additionally, activity from crypto whales is suggesting preparations for a major market move, potentially influencing the BTC price trajectory significantly.
Dormant Whale Awakens as $1 Billion USDT Set to Enter the Markets
Despite Bitcoin’s apparent strength amidst challenging conditions, market sentiments have been shifting frequently. Participants remain cautious about price stability following BTC’s recent highs, resulting in a neutral overall sentiment. Recent notable transactions, including minting and burning activities, highlight the potential for incoming volatility in the marketplace.
Whale Alert has documented a series of significant transactions that could alter the trajectory of the rally in the near future.
In recent developments, over 200 million USDC has been minted at the treasury, and more than 300 million have been transferred to Coinbase. Moreover, Tether has minted a staggering $1 billion USDT, while 500 million XRP has been liberated from escrow to an unidentified wallet. Notably, a long-dormant BTC wallet, harboring over 10,000 BTC, has been activated after over 14 years and moved its assets to an unknown address.
When long-quiet Bitcoin wallets suddenly become active, traders often brace for potential volatility. Transfers to exchanges could prompt selling panic, while heightened activity from old wallets has historically coincided with significant bull runs, signifying pivotal transitions in market cycles or profit-taking strategies by early investors.
What’s Next for the BTC Price Rally? Will It Break the $110,500 Resistance This Week?
Current short-term price movements suggest that Bitcoin’s bullish momentum is waning as it approaches a critical resistance level prior to its all-time high (ATH). Despite the token’s attempts to break through this zone, profit-taking by bears has led to price retractions, hindering a successful breach. Given the current upward pressure, there’s a looming risk that Bitcoin could retreat to local support levels below $107,000.
Analysis of the 4-hour chart reveals a clear rejection from the resistance zone situated between $110,025 and $110,563. The MACD indicator is on the verge of turning bearish, with levels approaching the threshold for a bearish crossover. Meanwhile, the Stochastic RSI has already begun to show a downward trend, reinforcing the bearish outlook. Thus, although the price attempts a rebound, entering a strong and lasting breakout above the range may remain a challenge amidst the current lack of bullish momentum.
Considering current chart patterns and market dynamics, achieving a new ATH within this week appears to be a formidable task for Bitcoin’s price rally. However, shifts in sentiment can happen rapidly in the crypto arena, which might disrupt the prevailing bearish influence over the market.
