- Bitcoin broke past $113K as Asian demand outweighed whale selling pressure.
- Whales moved 1,000 BTC in two days, but $40M in shorts were liquidated during the rally.
- Analysts highlight strong retail and institutional accumulation as a base for further upside.
Bitcoin managed to push above $113,000 on Thursday, brushing off heavy whale distribution as Asian traders stepped in with strong demand. Despite long-term holders offloading coins into the market, the surge left analysts eyeing key resistance around $117,500.
Whales Dump, But BTC Keeps Climbing
Traders spotted a big move when an old whale wallet transferred 250 BTC — worth about $28.2 million — to Binance. This came right after the same entity moved 750 BTC the day before, a combined unload that set off alarms. Coins that sit untouched for years and suddenly move usually spook markets, and this one was no different.
Whales Dump, But BTC Keeps Climbing
Traders spotted a big move when an old whale wallet transferred 250 BTC — worth about $28.2 million — to Binance. This came right after the same entity moved 750 BTC the day before, a combined unload that set off alarms. Coins that sit untouched for years and suddenly move usually spook markets, and this one was no different.
Market veteran Peter Brandt didn’t mince words, noting that tops are almost always born from excess supply. “It represented SUPPLY. Tops in markets are created by SUPPLY or DISTRIBUTION,” he said bluntly on X. Still, Bitcoin ignored the noise in the short term. Nearly $40 million in crypto shorts got wiped out in just four hours as price spiked to $113,365 intraday, proving how quickly sentiment flips when momentum builds.
Retail and Institutions Balance the Scales
While whales were unloading, retail and institutional players were quietly stacking. Bitwise’s Andre Dragosch pointed out that accumulation across these groups is the strongest it’s been since April. According to him, whenever accumulation hits such levels, it usually signals the start of big upside moves.
Even earlier this year, when BTC dipped below $75,000, buying never really slowed down. Observers see this as a sign of conviction — retail and institutional traders keeping faith in Bitcoin’s long-term story. That steady demand is now helping counteract whale pressure, laying down a foundation for further growth.
Technical Signals to Watch
Despite the optimism, technicals remain a bit tricky. Peter Brandt warned that unless BTC clears $117,500, the risk of a double-top formation is still in play. A failure there could drag price back down and unwind the seven-week rally.
Meanwhile, CryptoQuant data showed the Coinbase Premium Index turning red ahead of Wall Street’s open, suggesting U.S. demand cooled after starting the week strong. Asian buyers, on the other hand, continue to dominate, keeping the momentum alive for now.
The Road Ahead
For now, Bitcoin is holding strong above $113K, even in the face of whale selling. Asian demand and institutional accumulation are providing the backbone, but the next big test sits at $117,500. Whether demand can overpower ongoing supply will likely decide Bitcoin’s next major move — breakout or breakdown.
