The Bitcoin price has been moving sideways for most of December, frustrating both bulls and bears. Despite short-term volatility, the broad structure remains within a range as the year comes to a close.
Bitcoin has increased by about 5% in the past 30 days, but over the past week, the price has remained virtually flat. This lack of direction shows uncertainty. However, recent on-chain data indicates a change, especially in the spot market. Buying pressure has significantly increased, raising an important question. Can this change in demand finally help the Bitcoin price break through the strongest, nearby resistance?
Whales and exchange outflows show rising buying pressure
Two on-chain signals stand out in the last days: the behavior of whales and outgoing transactions on exchanges.
Firstly, the number of entities holding at least 1,000 BTC is rising again after a significant drop on December 17. This metric tracks large holders, often referred to as whales. If this number is increasing, it means that large players are gathering BTC rather than selling.
Since December 20, the number of these large entities is slowly increasing again. It is still just below the recent 6-month highs, but the direction is important. Whales are cautiously building their position as BTC prices become more stable.
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Secondly, the 'exchange net position change' shows a strong growth in buying activity. This metric measures how many coins are moving to or from centralized exchanges. If more coins are withdrawn from exchanges, it often means that buyers are taking BTC to self-custody, and the direct selling pressure decreases.
On December 19, Bitcoin exchange outflows were approximately 26,098 BTC. On December 21, this had risen to 41,493 BTC. That is an increase of 59% in net outflows in just two days.
This difference is important. The accumulation of whales is progressing steadily but remains modest. However, the outflow from exchanges is accelerating much faster. This indicates that retail and mid-sized buyers are also stepping in alongside the whales, increasing the spot demand in the market.
Together, these signals indicate that buying pressure in the spot market is increasing, even though there has not yet been a real breakout in the price.
Bitcoin price levels that determine the next path
Whether this buying pressure really makes a difference depends on the key Bitcoin price levels.
The main resistance (wall) is around $89,250. This level has been holding back rises since mid-December and has blocked further upward movements multiple times. As long as Bitcoin does not convincingly end above this, the market will remain sideways.
If buyers manage to reclaim $89,250, Bitcoin may try to move towards $96,700. This is one of the strongest resistance zones on the chart, and the price has been rejected there multiple times already. This will be the next big test.
At the bottom, $87,590 remains the key short-term support. A clear breakthrough below opens the way to $83,550, followed by a greater risk towards $80,530 if selling pressure increases.
In summary: Bitcoin is caught between rising buying pressure and a stubborn resistance wall. Whales are cautiously adding, outflows from exchanges are increasing, and the price is approaching a decision point. Whether Bitcoin breaks out of the range now depends on one thing: Can this increase in demand finally break the resistance at $89,250, or will the price remain in the range until the new year?
