• Bitcoin faced $106K resistance, while whale exits suggest potential redistribution and caution among investors.
• Stabilized Funding Rates signaled indecision as BTC teeters between breakout and deeper correction levels.

Bitcoin [BTC] was trading near $105,233, at the time of writing, with a 24-hour trading volume of over $52.6 billion.

While the cryptocurrency has seen a 2.58% price increase over the past day and a 2.80% rise in the past week, it continues to face challenges breaking above the $106,148.52 resistance. 

According to crypto analyst Rekt Capital, Bitcoin was rebounding into the light blue diagonal resistance of its triangular pattern within the $101K-$106K range.

Rekt Capital emphasized that a daily close above this diagonal resistance is critical for Bitcoin to break out of the pattern and potentially revisit range highs.

Without this confirmation, Bitcoin risks another rejection, as seen in past “upside FOMO wicks” that have led to pullbacks.

The $101,165.33 support level remains a key area for buyers. A breakdown could trigger further declines to lower targets like $91,070.40 or $87,325.43.

Whale activity indicates redistribution

On-chain data reveals a decline in the number of large Bitcoin holders. Crypto analyst Ali reported d that around seventy whale entities, each holding over 1,000 BTC, have exited the network or redistributed their holdings since mid-December. 

This shift could indicate reduced confidence among large investors or a change in portfolio strategies.

Santiment’s data als

Go to Source to See Full Article
Author: Olivia Stephanie

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details