Bitcoin News Today: Whales Accumulate as Bitcoin's Fate Hinges on $116,940 Breakout

Bitcoin approaches a critical resistance level of $116,940 as traders closely monitor its performance for signs of a breakout from a falling wedge pattern. This technical formation, widely observed in price charts, is considered a bullish signal that often precedes upward price movements. The pattern is defined by two downward-sloping trendlines that converge toward a potential breakout point. As Bitcoin's price nears the upper resistance, market participants are keenly observing volume and price action for confirmation of a breakout, which could trigger a renewed rally [1].

Currently, the price is testing the resistance zone, and a breakout with sufficient volume could indicate a shift in momentum toward the bulls. Technical analysts note that a successful breakout from this pattern could invalidate recent bearish sentiment and affirm that buyers are regaining control. If Bitcoin closes above the wedge on higher timeframes, it could attract fresh buying interest, potentially pushing the price toward the next resistance zones at $30,000 or higher [1].

Whale activity also suggests a potential shift in market sentiment. On-chain data reveals that wallets holding 10–10,000 BTC added over 20,000 BTC in the past week, contributing to a total accumulation of over 225,000 BTC since March. This trend aligns with historical patterns in which whale movements correlate with future price direction. The accumulation suggests that institutional or large investors are positioning for a potential upward move, adding a layer of confidence in Bitcoin’s ability to stabilize and rally [3].

However, macroeconomic factors and broader market sentiment remain influential. Recent ETF outflows, with $121 million in net outflows on August 18, have contributed to a bearish outlook, contrasting with Ethereum’s record $2.83 billion in inflows over the same period. Despite this, Bitcoin has shown resilience, maintaining its position near the $115,000 mark after a week of fluctuating prices. The market is divided on whether this pullback is a normal retracement within a larger uptrend or the start of a more substantial correction [3].

Technical indicators also provide mixed signals. Bitcoin is currently below the midline of its Bollinger Bands on the 4-hour chart, suggesting downward pressure, but the bands are tightening—often a precursor to larger price movements. The relative strength index is nearing oversold territory, indicating that selling pressure may be waning. While short-term moving averages (10–30 EMA) lean bearish, longer-term averages (50–200-day) continue to show signs of support. Analysts suggest that if Bitcoin’s $114,000 support holds, it could serve as a foundation for a new phase of price discovery [3].

Market observers point to historical precedents as relevant indicators of Bitcoin’s trajectory. In both 2017 and 2021, pullbacks of 25–29% acted as technical resets before fresh rallies. A similar pattern could emerge now, provided the key support levels hold. The next significant resistance for Bitcoin lies at $116,940, with the potential for a retest of the recent all-time high at $124,000 if volume confirms the breakout. If the $114,000 level fails, it could lead to a more severe correction, with the 100-day and 200-day moving averages at approximately $110,000 and $103,000 representing the next key support levels [3].

Source: [1] Bitcoin Eyes Breakout from Falling Wedge Pattern (https://www.bitget.com/news/detail/12560604918706) [2] Cardano and XRP Whale Activity Hits Multi-Month High (https://finance.yahoo.com/news/cardano-xrp-whale-activity-hits-160753452.html) [3] Bitcoin Steady at $115K as Whales Buy Despite ETF Outflows (https://crypto.news/bitcoin-etfs-outflows-btc-whale-buys-reversal-2025/)