The price of Bitcoin moved sideways for most of December, frustrating both bulls and bears. Despite short-term volatility, the overall structure remained within a defined range as the market approached year-end.
Bitcoin recorded an increase of nearly 5% over the last 30 days, but last week was mostly stable. This lack of direction reflects a state of indecision in the market. However, recent on-chain data suggests that a change is occurring, especially in the spot trading market. Buying pressure has surged sharply, raising a key question: Can this shift in demand finally help Bitcoin break through the strongest near-term resistance (the barrier)?
Whales and outflows from exchanges show that buying pressure is increasing.
Two signals in the on-chain data over the past few days highlighted: whale behavior and outflows from exchanges.
The number of entities holding at least 1,000 BTC has begun to rise again after a sharp drop on December 17. This indicator measures large holders, often referred to as whales. When this number increases, it indicates that big players are accumulating rather than distributing.
The number of these large entities has gradually increased since December 20. Although it is still slightly below its highest levels in the last six months, the trend is what matters most. Whales have cautiously added more exposure as BTC prices stabilize.
Subscribe for additional digital asset analyses like this through the daily newsletter by Editor Harsh Notariya on cryptocurrencies via this link.
The second indicator showing net changes in exchanges has displayed a strong surge in buying activity. This indicator measures the amount of coins that have entered or exited centralized exchanges. When more coins exit exchanges, it often means that buyers may be transferring BTC to self-custody, reducing immediate selling pressure.
On December 19, Bitcoin outflows from exchanges amounted to approximately 26,098 BTC. By December 21, outflows had risen to 41,493 BTC. This represents a 59% increase in net outflows over just two days.
Note the importance of this gap. Whale accumulation has been stable but modest. On the other hand, Bitcoin outflows from platforms have accelerated much more quickly. This suggests that individual and average buyers may be entering the market alongside whales, increasing immediate demand in the market.
These signals together indicate that immediate buying pressure is rising, although the price has not yet broken through.
What are the Bitcoin price levels that define the upcoming path?
The impact of this buying pressure now depends on key Bitcoin price levels.
The main resistance (wall) sits near $89,250. This level has capped upward movement since mid-December and aligns with several failed attempts to push the price higher. Until Bitcoin clearly closes above it, the market remains in a limited range.
If buyers manage to reclaim $89,250, Bitcoin may try to move towards $96,700, which is one of the strongest resistance areas on the chart. This level has rejected the price multiple times and will be the next big test.
On the downside, $87,590 remains the key short-term support. A clean break below this level would reveal $83,550, followed by a greater risk towards $80,530 if selling accelerates.
To sum up, Bitcoin is moving within a narrow range between high buying pressure and a stubborn resistance wall. Whales are cautiously adding, outflows are accelerating, and the price is approaching a decision point. Bitcoin's upward breakout now depends on one thing: can this increasing demand finally overcome $89,250, or will the range hold until the new year?
