Bitcoin whales have increased their holdings by over 45,000 BTC in the second-largest accumulation wave of 2025. Despite this surge, Bitcoin’s price remains unable to break the key resistance level at $106,000, stalling the cryptocurrency’s recovery.
Following a rebound from a four-month low near $98,900, Bitcoin briefly climbed to around $107,500 before correcting below $103,000. Market data suggests that while large holders are capitalizing on discounted prices, selling pressure from long-term holders continues to limit upward momentum.
Whales Capitalize on Price Dip
Data from CryptoQuant and TradingView indicates that whales—entities holding 1,000 BTC or more—acquired more than 45,000 BTC last week. This marks the second-largest weekly accumulation in 2025, following an even larger wave in March during a sharp price decline.
CryptoQuant analyst Caueconomy noted that these large players are absorbing coins amid small investors’ capitulation. However, this accumulation alone has not sufficed to trigger a broad buy-the-dip trend.
Long-Term Holders Continue Selling
Not all major holders are increasing their positions. On Thursday, long-term whale Owen Gunden transferred 2,401 BTC, valued at approximately $245 million, to the Kraken exchange. Gunden still holds 2,499 BTC worth about $259 million.
Such movements from established holders raise concerns about sustained confidence in Bitcoin’s near-term price outlook as momentum fades.
Resistance Near $106,000 Caps Price Gains
Bitcoin’s price faces a significant supply barrier between $106,000 and $118,000, where many investors hold positions near their break-even points. According to Glassnode’s cost basis distribution heatmap, roughly 417,750 BTC are held at an average cost in this range, creating a natural resistance zone.
Glassnode reports that this latent supply overhang is likely to stall rallies unless there is renewed buying pressure sufficient to absorb the distribution wave.
Technical Outlook and Market Sentiment
Traders emphasize that Bitcoin must convert the $106,000–$107,000 resistance zone into support to target higher price levels above $110,000. Analyst Daan Crypto Trades highlighted that breaking above $107,000 could signal a bullish deviation and a return to the prior trading range.
Technical analyst CRYPTO Damus and MN Capital founder Michael van de Poppe also point to key breakout levels between $107,350 and $110,000 as critical for a sustained upward move and potential new all-time highs.
In summary, while whale accumulation shows strong demand at current price levels, broader market participation and breaking through supply resistance remain essential for Bitcoin’s next rally phase.
