Bitcoin has calmed down from its recent rally to $76,000, but remains above $74,000 for the third day in a row.
At press time, $BTC On the daily chart, the stock rose 1.02% to trade at $74,577. This stability maintained the short-term uptrend.
Are Bitcoin Whales Buying or Selling Now?
As prices remained steady, whale activity also increased.
CryptoQuant’s spot average order size data showed an increase in large orders over the past week. This reflects increased whale participation.
Spot bulk orders don’t just confirm direction. Both accumulation and distribution can be notified.
Still, CoinGlass’ data showed a period of transition. Some whales sold their power, while others aggressively accumulated.
Buy-side interest is concentrated between $65,000 and $74,000, creating a broad zone of demand.
On-chain data confirmed this. Lookonchain reported 3 new wallets withdrew 1,600 $BTCworth $120 million from the exchange. This move signals new accumulation despite recent price increases.
However, selling pressure remained active above $75,000.
Whales have consistently sold around this level across the spot and futures markets. This action turned the $75,000 into a strong resistance.
On top of that, futures trading reinforced this trend. Matrixport generated $112 million in revenue $BTC He secured over $8.7 million in profits from his long positions.
This measure highlighted the fragmentation of the market. Some whales have accumulated, while others have realized profits at higher levels.
Is Bitcoin caught between buyers and sellers?
At the time of writing this article, Bitcoin ($BTC) traded between a clear buy wall and a sell wall.
Repeated attempts to break above $75,000 failed, causing a pullback. At the same time, whales defended the range from $70,000 to $72,000.
The balance was maintained $BTC Within narrow limits, neither side has complete control.
Still, short-term momentum remained positive. $BTC It exceeded the 9-day moving average and the 21-day moving average for the fourth consecutive session.
At the same time, the Stochastic Momentum Index (SMI) formed a bullish crossover and rose to 67. That signal line remained near 66.
This indicates that buyers have a slight advantage, but not enough to dominate. The next move will depend on which side gains control.
If the whales continue to congregate near $70,000 to $74,000; $BTC It could top $75,000 and target $78,000 to $80,000.
However, if the resistance holds, there is still a chance of another pullback towards $70,500.
Final summary
- Bitcoin rose above $74,000 for three days, showing short-term stability after falling from $76,000.
- Number of new withdrawals: 1,600 $BTC Signals from exchanges indicate continued long-term accumulation by new wallets
