Bitcoin broke through nearly $112,000, recording a new all-time high (ATH) in the past 24 hours.
This rise has been following a positive trend since the beginning of this month and was reinforced by whales who maintained their positions despite large selling activities from other investor groups.
Bitcoin Holders Selling, Whales Holding
The current market sentiment shows that Bitcoin holders are in distribution mode. Particularly, retail holders with 1-10 BTC are selling, increasing supply in the market. These actions have triggered price volatility.
However, whales holding between 1,000 and 10,000 BTC are an exception. They are in accumulation mode, which significantly contrasts with the widespread selling trend. Their approach is systematic and unemotional, ensuring Bitcoin's price stability despite retail holders' selling.
Whales have long been a stabilizing force in the Bitcoin market. Unlike small holders who react to short-term fluctuations, large Bitcoin holders generally follow a strategic and long-term perspective.
Their resilience has played a crucial role in supporting Bitcoin's value, especially when retail sellers attempt to induce price drops. As a result, whales have provided a stable foundation for the recent surge and prevented significant price declines.
This can also be seen in exchange net position changes that impact Bitcoin's macro momentum. From early July, approximately 52,048 BTC, worth about $5.7 billion, was sold on exchanges.
Such large selling pressure would typically drive prices down, but whales strongly maintained their Bitcoin positions, offsetting its impact. The net effect of these actions allowed Bitcoin to maintain its upward trend, and positive market sentiment has recovered.
BTC Price Forms New Peak
Bitcoin's price recently formed a new ATH, reaching nearly $112,000. This is the first ATH in a month and a half, restoring investor confidence. Recent price movements indicate that the upward trend is alive, with many expecting continued rise as Bitcoin builds support at higher levels.
At the time of writing, Bitcoin is trading at $111,183, attempting to secure $110,000 as a critical support level. If BTC can maintain this level and sustain its upward momentum, it may have the opportunity to break through $112,000 and set a new ATH. This could be a catalyst for additional price increases due to strong demand driving the market forward.
However, if investors begin selling en masse, even whales won't be able to offset the selling pressure. If Bitcoin falls below $110,000, it could retrace to $108,000 or lower. Continued decline at this level could invalidate the current upward logic.
