Bitcoin Stabilizes at $84,500 as Whale Selling Pressure Eases 30%

Bitcoin has shown signs of stabilization around the $84,500 mark following an extended corrective phase. This stabilization is accompanied by a shift in whale behavior, as indicated by recent on-chain data from Binance. Large holders, or whales, are not exhibiting panic-driven behavior, suggesting a reduction in selling pressure. The 365-day moving average of the Exchange Whale Ratio on Binance is on a consistent upward trend, implying that whales exert more influence on fund flows over longer periods. This trend hints at underlying conviction among these large investors.

However, the 30-day average of the same metric has been decreasing, returning to levels last seen in late 2024. This short-term decline in activity indicates that these big players are pulling back on selling pressure. Total whale inflows into Binance have dropped by more than $3 billion, echoing behavior seen during previous corrections. This trend suggests that whales are not currently rushing for the exits but are instead choosing to sit tight and avoid major sell-offs.

Despite the improved technical and on-chain picture, some analysts urge patience. According to analyst Kripto Mevsimi, historical patterns, particularly from the 2021 cycle, show that even when metrics like demand or price start to bounce, a true structural recovery can take months. During previous cycles, demand metrics stayed negative or near zero for extended periods before any sustainable bullish trend took hold. While Bitcoin’s recent 30-day apparent demand shows a bounce, it might reflect temporary relief rather than confirmed accumulation or a definitive bottom. Sustained buying volume and time are still needed to confirm a full market turn.

Bitcoin’s daily chart currently aligns with cautious optimism. The Fibonacci retracement plotted from the local bottom of $74,434 to the top at $88,772 shows that Bitcoin has reclaimed key levels. BTC is currently trading above the 0.618 level ($83,195) and testing the 0.786 level ($85,704). The prior high of $88,772 remains the immediate major resistance. Should the price break through $88,772, the next major target is the 1.618 Fibonacci extension at $97,633, followed by possible moves to $111,971, $126,309, and even $135,170 in a sustained uptrend. Momentum indicators like the MACD also support a bullish outlook, with the MACD line recently crossing above the signal line and histogram bars climbing into positive territory. This is a classic signal that buyers are regaining control.