Bitcoin (BTC), the market value around $ 2 trillion, while $ 101,300 support level and $ 105,700 resistance level continues to move on a narrow band. BTC, which has increased by 9 %in the last 30 days, has lost 3 %in the last week. In spite of this fluctuation, the BTC seems to have entered the consolidation process due to the close -term moving averages of the short -term moving averages and the directional movement indicator (DMI) gives a weak trend signal.
The number of whale addresses are at the bottom
Together with the above, the number of BTC whale addresses decreased to the lowest level in the last year and fell to 2.035. The fact that big investors sell Bitcoins in their hands stands out as a factor that increases sales pressure in the market. It will be clear in the coming process whether the BTC will move upward or a downward break.
From a technical point of view, Bitcoin’s DMI (directional indicator) graph shows that the trend has not gained a distinct direction. The average direction index (ADX) is 16.6, fluctuating between 15 and 19 in the last two days, giving a weak trend sign. Generally, when the ADX value is below 20, the consolidation process is experienced in the market, and the exceeding 25 indicates that a strong trend is formed.
In the graph, +DI (Positive direction index) is 17.5, and the -DI (negative direction index) decreased to 23.8. In particular, it is seen that -DI rose to 40.9 two days ago, and this corresponds to the same time with a harsh decline of BTC from $ 105,000 to $ 98,600 in a short time. However, since then, sales pressure has decreased and the BTC has entered the consolidation process.
If the +DI, if it rises on -Di and ADX rises, this may be the beginning of an upward trend for BTC. However, if this does not happen, Bitcoin can watch horizontally in the current price range or maintain the previous decline trend.
The decline in the number of Bitcoin whales increases sales pressure
Recent analysis shows that the number of Bitcoin whale addresses with 1,000 BTC and above assets decreased to 2.035. This has been the lowest level since January 2024. The biggest decline took place between 20-24 January and whale addresses fell from 2.067 to 2.037.
These data show that some major investors sell their BTCs and shift their portfolios to other assets or expect more appropriate purchases. The decrease in the number of Bitcoin whales usually indicates that the major owners sell Bitcoins in the market, which can bring more sales pressure to the market. If this trend persists, it may be difficult to create a strong upward trend for BTC. However, if large investors begin to save Bitcoin, the price can gain stability and move upward.
Can BTC price reach $ 110,000?
Bitcoin’s current support level is $ 101,300 and the price is trying to hold on this point. If this support is broken, the BTC may drop first to $ 99,400 and then to $ 95,800 with a deeper correction.
However, if Bitcoin recovers, the price can test the resistance level at $ 105,700 before. If it breaks this point, there will be new targets with potential levels of 107,000 and $ 108,500. If the market attracts more buyers and the price exceeds these regions, BTC can reach $ 110,000 for the first time.
In the coming days, it will be critical to watch how BTC will choose to choose depending on the movements of whales and technical indicators.
