Data on whales and miners reveals the next move of Bitcoin

Signals from whales and Bitcoin miners indicate a potential bullish trend is about to occur. New data from CryptoQuant shows that large BTC holders currently hold a balance of 3.57 million BTC.

This number is close to the previous peak of 3.74 million BTC set at the beginning of 2021.

Bitcoin whales are increasing their holdings

When whales continuously add to their reserves, the increasing accumulation reduces the available supply and provides support for the price.

The current bullish trend in whale holdings shows that institutions and high net worth investors view the dip as a buying opportunity and anticipate prices to rise higher in the future.

Total holdings of Bitcoin whales | Source: CryptoQuant "This index reflects the actual balance of large holders by excluding exchange addresses and mining pools. This provides a clearer view of the strategic accumulation of large investors. Growth in whale holdings often signals confidence from institutional investors and strong underlying demand, which are the main drivers of the long-term bullish cycle," said CryptoQuant analyst JA Maartunn.

But not all indicators are pointing up. According to CryptoQuant, the Hash Ribbons indicator, which tracks the stress level of miners, has recently issued a buy signal.

Source: CryptoQuantThis often reflects short-term chaos when miners face profitability issues, forcing some to sell Bitcoin to maintain operations.

In the past, these short-term tensions often set the stage for continuous bullish runs. The capitulation of miners may lead to an initial price drop.

But in the end, it eliminates weaker players from the market and tightens the supply.

Last week, the price of Bitcoin experienced significant volatility. Influenced by the public dispute between Elon Musk and Donald Trump, Bitcoin briefly fell below $101,000, causing nearly $1 billion to be liquidated.

However, Bitcoin quickly recovered above $105,000, indicating strong buying pressure.

Technical analysts are also optimistic. They emphasize the "cup and handle" pattern on Bitcoin's daily chart, indicating a bullish breakout if the leading asset successfully surpasses the $108,000 mark.

Moreover, the activities of large investment organizations support the current bullish outlook. Bitcoin futures open interest has increased by more than 2 billion USD in recent days, while the funding rate remains low.

This scenario creates a solid foundation for a potential short squeeze.

Can BTC hold the psychological support level of $100,000?

Currently, whale accumulation data and miner stress data clearly define the trading range. Strong support lies between $100,000 and $102,000.

This means that BTC is likely to maintain the psychological level of $100,000 even during short-term corrections.

Meanwhile, resistance awaits in the $108,000 – $110,000 zone, where a breakout could push the price towards $120,000.

Traders should closely monitor catalysts, such as miners continuing to sell, as these factors can quickly impact price action.

In addition, macroeconomic events related to the Fed and global trade dynamics are likely to cause increased volatility.

Vincent