Bitcoin Surges as Whales Accumulate Amid Retail Profit-Taking
- Wallets holding between 10 and 10,000 Bitcoin have added a total of 56,227 BTC since mid-December.
- Small wallets with less than 0.01 BTC have been selling, indicating retail traders are taking profits.
- The supply share held by large holders has decreased from a high of 67% to currently around 47%.
- Bitcoin has traded within $87,000 to $94,000 for six weeks, reaching a high of $94,800 recently.
- Heavy call option activity is noted at the $100,000 strike price for January expiry.
The recent accumulation by large Bitcoin holders suggests potential market cap growth despite retail profit-taking. The shift in supply dynamics is seen as supportive for price action amid ongoing geopolitical uncertainties and increased trading volume.
If whale accumulation persists, it may lead to an upward breakout beyond the current resistance levels of $95,000 to $100,000. However, the continued retail sell-off could result in short-term reversals if prices fall below the support range of $88,000 to $90,000.( Source)
