Bitcoin Whales Accumulate 67.77% of Supply, Eyeing $92K Breakout
2min read Bitcoin's recent market dynamics have sparked significant interest among analysts and investors, with a particular focus on whale accumulation and its potential impact on the cryptocurrency's price. Whale wallets, which control a substantial portion of the total Bitcoin supply, have been actively accumulating the asset, currently holding 67.77% of the total supply. This accumulation suggests a bullish sentiment among significant stakeholders, despite the market's fluctuations.
According to a COINOTAG analyst, the contrast between long-term accumulation and short-term hesitation raises the question of whether this wave of whale demand will drive the next breakout. The analyst's comments highlight the potential for a significant price movement as Bitcoin approaches key resistance levels.
Bitcoin's price action is currently at a critical juncture, with bulls challenging the daily EMA 50 resistance at $85.3K. Recent chart patterns indicate that the asset has broken out of a descending wedge, a bullish reversal signal. However, the ongoing uptrend remains unconfirmed until Bitcoin secures a clean close above the EMA 50. A successful reclaim of this level could open the path to $92K, aligning with projected targets from the current technical setup. Therefore, upcoming price movements will be pivotal in establishing short-term direction.
On-chain data provides additional insights into Bitcoin's price action. Approximately 81.79% of Bitcoin holders are currently in profit, indicating strong hands amid market fluctuations. However, many addresses acquired BTC between $86.1K and $213K, creating a significant resistance cluster just above current price levels. This suggests that while Bitcoin possesses robust structural support, the $86K–$92K zone may attract increased selling from holders aiming to recover their investments or take profits. As a result, bullish momentum will be essential to breach this resistance and sustain upward movement.
On-chain indicators continue to support the bullish narrative for Bitcoin. The Puell Multiple stands at 0.99, indicating that Bitcoin has not yet overheated, leaving ample room for further growth. Additionally, there is a notable decline in exchange reserves, reflecting diminishing sell-side pressure and aligning with whale accumulation trends. The Crypto Bull Run Index (CBBI) is currently at 66.55, signaling optimism in the market without reaching euphoric levels yet. Bitcoin’s current volatility level is at 2.72%, a historically significant marker that often precedes sharp directional moves. Collectively, these metrics suggest that Bitcoin is building momentum for a potential rally.
In light of the ongoing whale accumulation, decreasing exchange supply, and low volatility, Bitcoin seems well-positioned for a breakout. However, the $86K–$92K zone remains a critical resistance point. If bulls can decisively flip $85.3K into support, a movement towards $92K appears increasingly likely. The current market dynamics and on-chain data suggest that Bitcoin is poised for a potential breakout past the $85.3K resistance, driven by whale accumulation and bullish sentiment among significant stakeholders. 
