๐ฐ Latest Crypto Market Update: Bitcoin Holds Firm Despite Whale Selling
Bitcoin is trading near $89,700, showing resilience even as large whale wallets reduce exposure. On-chain data reveals that addresses holding 1,000โ10,000 BTC have declined sharply over the past month, signaling distribution rather than accumulation. Traditionally, this would pressure prices lowerโbut BTC is holding key support.
A critical on-chain metric, the Seller Exhaustion Constant, is now flashing levels historically linked to local bottoms. Currently near 0.019, this zone previously preceded a strong rally, suggesting that selling pressure may be close to exhaustion even without whale support.
Technically, Bitcoin remains stable above $89,250, a level bulls must defend. A reclaim of $91,320 could quickly shift momentum toward $94,660, while a daily close below support risks a move toward $87,570โ$85,900.
Despite whale rotation into ETH, Bitcoinโs ability to stay range-bound hints that downside risk is shrinking and the market may be setting up for its next decisive move.
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