Bitcoin News Today: Bitcoin Struggles Below $123,370 Resistance as Whale Transfers Spike

Bitcoin is currently facing significant resistance near a critical price level, with large holders increasing their exchange activity. The second Alpha Price level, a key resistance zone, has capped recent gains, indicating growing sell-side pressure. This level, currently set near $123,370, updates daily based on real-time on-chain flows. The next major resistance range sits between $143,000 and $146,000, but Bitcoin must first reclaim the current Alpha cap. Until then, buyers may remain hesitant, and a temporary dip below $120,000 could be needed to reset market positioning.

On-chain data reveals a rise in Bitcoin transfers from whales to exchanges, with the 7-day moving average approaching 12,000 BTC. This level mirrors a previous spike in November 2024, often tied to distribution phases. Large transfers to exchanges are typically linked to profit realization or capital rotation, leading to higher sell-side pressure. The timing aligns with Bitcoin’s struggle near key resistance, suggesting that some large players are adjusting their positions.

Bitcoin is currently trading at $117,670, reflecting a modest 24-hour drop of 0.73%. Over the past week, the price has slipped just 0.09%. Despite minimal change, trading volume remains high at over $56 billion, suggesting active repositioning rather than calm accumulation. Price stagnation near resistance, combined with elevated volume and whale activity, points to short-term caution. Bulls may need fresh momentum to push higher. If Bitcoin clears the Alpha Price ceiling, the door opens toward the $140,000 range. Until then, sideways action or minor pullbacks seem likely. Traders will be watching exchange inflows closely, as sustained whale transfers could weigh on price.

In summary, Bitcoin is struggling below a key resistance level as whale transfers to exchanges spike, signaling possible distribution. The current price action and on-chain data suggest short-term caution for bulls, with the potential for sideways action or minor pullbacks until fresh momentum emerges. The next major resistance range sits between $143,000 and $146,000, but Bitcoin must first reclaim the current Alpha cap. Until then, buyers may remain hesitant, and a temporary dip below $120,000 could be needed to reset market positioning.