Bitcoin Mega Whales Accumulate 4.23% More as Price Holds Near $108,000

Bitcoin's price has been consolidating around $108,000, with retail investors exercising caution. However, behind the scenes, Bitcoin's "mega whales" are actively accumulating the cryptocurrency, a trend that could signal significant price movements in the near future.

Recent data indicates an increase in the number of wallets holding over $10 million worth of Bitcoin, growing by 4.23%. This trend suggests that large investors and corporations continue to have confidence in Bitcoin. Unlike retail investors who might be driven by hype, these mega whales are accumulating Bitcoin quietly, anticipating a substantial price increase in the future.

This accumulation is not limited to the mega whales. Wallets holding between $100,000 and $1 million in Bitcoin have increased by 2.71%, while those with $1 million to $10 million have risen by 2.34%. This steady buying pattern reflects a widespread belief in Bitcoin's future growth potential, especially with the possibility of new ETFs attracting more capital and supportive government policies.

Currently, Bitcoin is range-bound, struggling to break above the key resistance between $107,000 and $110,000. The Relative Strength Index (RSI) stands at a healthy 55, indicating there is still room for upward momentum without the market being overbought. Unlike previous cycles, these big players are not chasing short-term gains but are instead exhibiting a patient and deliberate approach, suggesting they are positioning for a more significant long-term rally.

Historically, whale accumulation has often preceded major rallies. If Bitcoin can break above the $110,000 resistance with strong volume and maintain its position, the next target could be the psychological $120,000 mark. This quiet accumulation phase might be the prelude to the next significant breakout in Bitcoin's price.