The price of Bitcoin has risen by about 2.8% over the past 24 hours and is trading near $92,500. The daily chart still clearly shows an inverse head and shoulders pattern indicating $108,500, but every attempt to break through this level has failed.
It explains two clear reasons for the continued failure to break through — the good news is that both can change in favor of Bitcoin.
A stubborn level and weak whale support continue to hinder movement.
The respect of Bitcoin for the inverted head and shoulders pattern formed on November 16 continues. The pattern remains valid, but the neckline at $93,700 has rejected every attempt to break through so far. Until Bitcoin's price closes above this line, the pattern cannot be activated.
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Whale concentration represents the second issue.
Entities holding at least 1,000 BTC have reduced their holdings since November 19. The index dropped to a monthly low of 1,303 on December 3 and remains close to that level now. This has weakened every attempt to break resistance, as the group that usually confirms major breakouts is still cautious.
A similar setup appeared between December 2 and December 3.
Bitcoin's price recorded $93,400, but the number of whales decreased from 1,316 to 1,303. Shortly after, the price fell to $89,300, down about 4.4%.
When the price rises and whales reduce their exposure, momentum often fades because large buyers do not support the movement.
These two issues — the $93,700 barrier and whale hesitance — explain why the BTC price breakout continues to fail. Since neither problem is structural, both can still be fixed if conditions change.
A fixable path: a short squeeze setup can help break Bitcoin's price.
The second half of the story looks more optimistic. Even without whale support, Bitcoin has a strong selling pressure setup that can force a breakout.
Binance platform data shows that the total short position liquidation with leverage over the past 30 days was around $3.66 billion, compared to $2.22 billion on the leveraged buying side. The amount of short positions exceeds approximately 50%, which creates pressure that can quickly reverse if Bitcoin's price pushes above $93,700 again.
This has shown the same mechanism several times throughout this month.
Small price movements of 1–2% turned into stronger rallies with the short positions being cleared.
If Bitcoin closes the daily close clearly above $93,700, it could build enough pressure to break the $94,600 barrier, which is the next main gateway. At that point, whale presence may not be necessary to drive the movement. Momentum alone can push the price higher. And when momentum arrives, whales may feel more convinced to participate.
Above $93,700 and $94,600, the breakout path opens towards $105,200. Surpassing that area puts Bitcoin on track towards the full target set at $108,500, a gain of about 15.7% from the neckline.
The inverted head and shoulders pattern retains its validity above the $83,800 barrier. A drop below $80,500 invalidates the pattern and increases the risk of a deeper correction if whales continue to reduce their balances.
Currently, the situation can be described as having two reasons preventing a price explosion — the resistance line and whale caution — both of which can still be addressed if buyers push and surpass $93,700, or if selling pressure dominates the market.
