Bitcoin News Today: Shark Wallets Stockpile 65K BTC as Price Hovers Near $112K Support

Bitcoin's recent price volatility has drawn attention to three critical technical indicators that traders are monitoring for potential directional bias. The cryptocurrency, which briefly dipped to $103,000 during a flash crash, has since stabilized near $112,000, with key on-chain and charting metrics offering insights into its near-term trajectory.

Bitcoin has held above its 20-week moving average (MA), a pivotal support level that has historically acted as a foundation for bullish momentum. Analysts note that maintaining this level-currently around $102,000-confirms structural strength amid macroeconomic uncertainty. For instance, the 20-week MA has repeatedly served as a floor during prior corrections, with recent data showing BTC testing this level without breaking below it. This resilience suggests sustained buying interest, particularly from institutional investors and long-term holders. If BTC fails to hold above this threshold, it could trigger a retest of lower support zones near $100,000 and $98,200, according to on-chain analysts Blockchain.News^[3].

Technical indicators suggest a tightening volatility squeeze as Bitcoin's Bollinger Bands contract, a pattern often preceding significant price moves. The bands, which measure price volatility, have narrowed to levels observed before major bull runs in 2017 and 2021. Traders are awaiting a decisive breakout above the upper band, which currently sits near $118,617. A confirmed close above this level could signal a shift in momentum toward $120,000–$125,000, while a breakdown below the lower band might extend losses toward $103,950. The 20-day and 50-day SMAs are also key watchpoints, as they provide dynamic support/resistance levels in the coming weeks Blockchain.News^[11].

On-chain data reveals aggressive accumulation by mid-sized "shark" wallets (holding 100–1,000 BTC), which have added 65,000 BTC in just seven days, pushing their total holdings to a record 3.65 million BTC (18% of circulating supply). This buying pressure, driven by well-capitalized investors, has created a supply squeeze by removing liquidity from exchanges and shifting coins into cold storage. Such behavior historically precedes price appreciation, as it reduces available supply and signals confidence in Bitcoin's long-term value. Analysts caution that while this trend supports a bullish bias, a breakdown below $110,000 could trigger profit-taking by these whales, introducing short-term volatility CoinPedia^[6].

The interplay between structural demand and macroeconomic factors is shaping Bitcoin's outlook. ETF inflows, particularly from BlackRock's spot Bitcoin ETF, have absorbed sell pressure, with $1.21 billion in net inflows recorded in early October. However, geopolitical risks-such as U.S.-China tariff tensions-remain a drag on risk assets. Analysts project that sustained ETF inflows exceeding $500 million daily could propel BTC toward $150,000, while whale accumulation and a successful breakout above $115,000 may extend the rally to $125,000–$130,000. Conversely, renewed bearish sentiment or leveraged liquidations could test critical support levels in the $100,000–$105,000 range CoinMarketCap^[5].