The current Bitcoin price is hovering around $109,100, close to its recent highs above $110,300, as it strives to overcome the latest selling pressure. In the past 24 hours, the crypto has experienced fluctuations between $108,800 and $110,550, showcasing moderate yet sustained volatility. Its weekly performance is positive, with a 1.4% increase, driven by renewed institutional interest through US spot Bitcoin ETFs that have attracted over $400 million in inflows, led by Fidelity’s FBTC. Additionally, whales are gearing up for a significant move that could greatly impact the BTC price rally.
A dormant whale has recently emerged with a billion USDT ready to flood into the markets, indicating a potential shift in market conditions and sentiments. Despite the uncertainty surrounding price stability after reaching new highs, the sentiments remain neutral. Recent transfers, minting, and burning activities in the past 24 hours hint at incoming volatility.
Notable transactions highlighted by Whale Alert include the minting of over 200 million USDC at the treasury and the transfer of over 300 million to Coinbase. Moreover, a billion USDT has been minted at the Tether treasury, while 500 million XRP has been unlocked from escrow to an unknown wallet. Of particular interest was the awakening of a dormant BTC whale after 14 years and 3 months, transferring over 10,000 BTC to an unknown account.
The sudden movement of long-dormant BTC wallets often signals potential volatility in the market. Activity such as transfers to exchanges can trigger panic selling, while increased activity in old wallets typically aligns with major bull runs, indicating cycle transitions or profit-taking by early adopters.
As the BTC price attempts to breach the final resistance zone before the all-time high, there is a struggle between bulls and bears. The bears are currently dominating, taking profits and causing the price to drop, potentially leading to a retest of local support below $107,000. Despite efforts to break through the resistance zone, the lack of bullish strength may hinder a strong and sustained breakout.
In the 4-hour chart, a clear rejection is visible from the resistance zone between $110,025 and $110,563. Additionally, the MACD is on the verge of turning bearish, nearing a bearish crossover, while the Stochastic RSI has already moved lower, supporting the bearish sentiment. Achieving a new all-time high this week could prove challenging for the BTC price rally based on current chart patterns and market conditions. However, sudden shifts in sentiment within the crypto space could overturn bearish dominance and pave the way for a bullish breakout.