Bitcoin Surges 10% to $108,947 as Whale Wallets Increase 622%

Bitcoin (BTC) has recently experienced a notable surge, reaching a peak of $108,947 as of June 16, 2025. This price movement underscores a strong bullish momentum in the cryptocurrency market, driven by renewed investor confidence. Following three consecutive months of declining large holder activity, the Bitcoin network has witnessed an increase of 622 wallets holding 10 or more BTC within just under four weeks. This trend suggests a potential accumulation phase by whales and sharks, which could further drive upward price pressure. The timing of this accumulation aligns with Bitcoin’s price action, indicating that large players are positioning themselves for a potential breakout above the $112,000 resistance level.

The increase in whale wallets is a bullish indicator that could fuel further price momentum. Traders should closely monitor these on-chain signals as they often precede significant price movements, increasing the probability of BTC retesting its all-time high. This development is particularly noteworthy as it coincides with broader market dynamics, including fluctuations in stock indices, which often correlate with risk-on assets like Bitcoin. The accumulation of 622 new large wallets suggests that institutional or high-net-worth investors may be re-entering the market, a trend that often precedes major price movements.

From a trading perspective, the surge to $108,947 and the increase in whale wallets have significant implications for both crypto and stock market correlations. The activity in the crypto space often mirrors risk sentiment in traditional markets, where the S&P 500 gained 0.7% on the same day, signaling a broader appetite for risk assets. For traders, this presents an opportunity to capitalize on Bitcoin’s momentum by entering long positions near support levels around $105,000, with stop-losses below $103,000 to mitigate downside risk. Additionally, the correlation between Bitcoin and crypto-related stocks highlights how institutional money flow between stocks and crypto can amplify price movements.

Delving into technical indicators and volume data, Bitcoin’s Relative Strength Index (RSI) on the daily chart stood at 68 as of June 16, 2025, indicating that the asset is approaching overbought territory but still has room before hitting extreme levels above 70. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on the 4-hour chart, reinforcing the short-term bullish outlook. On-chain metrics further support this narrative, with a 12% increase in Bitcoin’s daily active addresses over the past week, reflecting growing network usage. The correlation between Bitcoin and stock market indices remains evident, suggesting that positive movements in tech-heavy indices could continue to bolster Bitcoin’s price. For traders, key levels to watch include resistance at $110,000 and support at $105,000, with a breakout above the former potentially targeting the all-time high of $112,000. The interplay between stock market sentiment and crypto markets remains critical, as institutional money flows could sustain this rally if stock indices maintain their upward trajectory. Overall, the current market dynamics offer a compelling setup for both short-term scalps and longer-term position trades, provided traders remain vigilant of broader market risks and volatility.