The price of Bitcoin is around $89,700, remaining nearly unchanged during the day and down about 2% over the last week. On the surface, the price development looks weak. However, something more interesting is happening behind the scenes.
Large Bitcoin holders are gradually withdrawing. Whale support is fading, and blockchain data indicates that distribution has continued steadily in recent weeks. Nevertheless, Bitcoin has not lost its bottom. This resilience is significant, as another on-chain signal now suggests that selling pressure may be coming to an end, even though the whales are no longer supporting.
Whales are selling, but overall pressure may be close to exhaustion.
Bitcoin whale address data shows clear weakness. The 30-day change in whale addresses holding 1,000–10,000 BTC has dropped to −72, which is the lowest level since late last November. The total number of whales is also close to monthly lows. This confirms that large holders have reduced exposure and have not bought more.
Do you want more token analyses? Subscribe to chief editor Harsh Notariyan's daily Crypto newsletter here.
It is worth noting that these whales primarily exchange their assets for ETH, indicating greater optimism towards the second largest cryptocurrency.
Typically, such behavior leads to deeper corrections. This has not happened now.
One possible reason could be the Bitcoin Seller Exhaustion Constant indicator, which combines loss-taking and price volatility. This metric highlights periods when many sellers are at a loss but volatility remains low. Statistics indicate that such situations are often seen at low-risk local BTC price bottoms.
Currently, the metric is around 0.019, at a level last seen on April 5, when the price of Bitcoin was around $83,500. In the following six weeks, the price rose over 33% and peaked near $111,600. The current reading is slightly lower but clearly fits within the same historical exhaustion area.
This does not guarantee a price rally. However, it suggests that the risk of a decline is decreasing.
Bitcoin hint levels that determine the next move
Despite whale selling, Bitcoin remains above $89,250, which is an important support level. As long as this level holds in daily close, bears will find it difficult to gain a grip.
If Bitcoin rises back to $91,320, the sentiment could quickly turn. This opens the way to the $94,660 level, where previous supply has been. A clear breakthrough here would restore the market structure back in favor of the bulls.
The negation is clear. A closing price below $89,250 weakens the exhaustion theory and exposes the price to drops towards the $87,570 and $85,900 levels.
