TLDR
- Bitcoin price rebounded to $107,500 after reaching a four-month low of $98,900.
- Whales accumulated over 45,000 BTC in the past week, marking the second-largest weekly accumulation of 2025.
- Bitcoin faced strong resistance between $106,000 and $107,000, limiting further price gains.
- Glassnode highlighted the need for increased demand from retail and institutional investors to push Bitcoin above resistance.
- Long-term Bitcoin whale Owen Gunden transferred 2,401 BTC to Kraken, raising concerns over market sentiment.
Bitcoin (BTC) price rebounded 8.7% to $107,500 this week, after hitting a four-month low of $98,900. The recovery came as large holders, or whales, took advantage of lower prices to increase their positions. However, the price corrected to below $103,000 by Thursday, with $106,000 acting as a strong resistance level.
Whales Accumulate Bitcoin at Discounted Prices
Recent data from CryptoQuant revealed that Bitcoin whales accumulated over 45,000 BTC in the last week. This marks the second-largest weekly accumulation of 2025 for large Bitcoin holders.
“Whales are taking advantage of the price drop, absorbing coins from smaller investors,” said Caueconomy, a CryptoQuant analyst.
While whales have been active buyers, the volume of buying remains insufficient to signal a broader market recovery. The price is still constrained below key resistance levels. According to Glassnode, the Bitcoin market needs stronger demand from other investors to break through these barriers.
Resistance Levels Pose Challenges for Bitcoin’s Recovery
Bitcoin’s price faced strong resistance between $106,000 and $107,000, hindering its upward trend. Traders are eyeing this zone as a critical level for the price to overcome. Glassnode’s analysis highlighted a dense supply cluster in this range, where many investors aim to exit near breakeven.
According to Bitcoin’s cost basis distribution, a significant number of investors hold approximately 417,750 BTC at an average cost of $106,000-$107,200. This creates a resistance zone that Bitcoin has struggled to break. “Sustained recovery will require stronger inflows to absorb this supply,” Glassnode noted in its latest report.
As Bitcoin’s price trends upwards, analysts are watching closely for a breakout.
“A move above $107,000 could signal a potential rally,” said Daan Crypro Trades, a technical analyst.
However, Bitcoin will need to clear the $106,000–$107,000 resistance to set new highs.
Ongoing Market Activity from Bitcoin Whales
Despite some whales accumulating Bitcoin, others are selling. Owen Gunden, a long-term Bitcoin whale, transferred 2,401 BTC worth approximately $245 million to Kraken on Thursday. This movement raised concerns among market participants about Bitcoin’s long-term sentiment.
Bitcoin’s failure to surpass the $106,000 resistance level shows the challenges it faces in maintaining upward momentum. As traders continue to monitor price movements, it remains unclear whether Bitcoin will break out of its current range or consolidate further. The market is waiting for signs of increased demand from retail and institutional investors.
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