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Bitcoin is encountering significant resistance as it struggles to break through higher supply levels, with its price action stalling below the $105,000 threshold. The market is currently navigating a fine line between cautious optimism and persistent fear, as selling pressure remains but downward momentum seems to be diminishing. On-chain data from Arkham Intelligence reveals that large-scale investors, commonly known as whales, have been offloading substantial portions of their Bitcoin holdings recently, adding to the market’s challenges.
Nevertheless, despite this wave of selling, analysts have observed a growing trend of buyer absorption near the $100,000 mark. This zone of strong demand has consistently prevented further price declines. The ongoing balance between distribution and accumulation has divided analysts’ opinions. Some predict that Bitcoin may experience further dips before stabilizing, while others believe this phase represents a reaccumulation period that could pave the way for new all-time highs.
As the market navigates this pivotal phase, the concentration of liquidity and whale behavior remain crucial indicators to monitor. If selling pressure continues to diminish and demand holds steady at current levels, Bitcoin could be laying the groundwork for its next significant upward movement.
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Prominent Whale Liquidates $600 Million in Bitcoin Amid Market Turbulence
Data from Arkham Intelligence indicates that one of Bitcoin’s earliest and most notable investors, Owen Gunden, has recently liquidated a substantial portion of his Bitcoin holdings. This move has caught the attention of market analysts. Gunden, who has been a Bitcoin holder since late 2011, had approximately 11,450 BTC valued at $1.4 billion just a month ago. However, recent on-chain activity shows he has sold approximately 6,100 BTC, worth about $616 million, reducing his holdings to $542 million.
This large-scale selloff occurs at a critical juncture for Bitcoin, as the asset consolidates within the $100,000–$105,000 range, facing increasing selling pressure from whales. Gunden’s decision to take profit after more than a decade of holding suggests a mix of profit realization and market caution, especially given macroeconomic uncertainties and liquidity pressures affecting risk assets.
While some view this as a bearish indicator, others argue that such sales often signal the later stages of a distribution phase, where long-term holders transfer coins to new investors during consolidation. If Bitcoin maintains robust support near $100,000 despite heavy selling, it could indicate substantial market demand and the potential for a renewed accumulation phase.
Bitcoin Holds Steady as Bulls Defend the Critical $100K Level
The daily Bitcoin chart shows BTC in a consolidation phase, trading around $103,000 after multiple attempts to rebound from the psychological $100,000 support zone. Despite ongoing selling pressure and waning momentum, buyers continue to absorb liquidity near this level, maintaining relative price stability.
Price action reveals a pattern of lower highs since mid-September, reflecting ongoing market hesitation and the dominance of short-term sellers. The 50-day and 100-day moving averages, represented by blue and green lines, are serving as dynamic resistance levels, with BTC repeatedly failing to close above them. Meanwhile, the 200-day moving average, depicted by a red line, offers a long-term anchor positioned near $98,000, which is the next significant support level to watch.
Until a clear breakout occurs, the market is likely to remain range-bound within the $100,000–$105,000 corridor. A breakdown below $100,000 could trigger additional downside pressure, while a successful defense might pave the way for a recovery toward the $110,000–$115,000 range in the coming weeks.
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