The price of Bitcoin surged as it entered the new year, buoyed by renewed confidence and strong inflows into spot ETFs. The king of crypto continues to rise, despite geopolitical tensions following the United States' attack on Venezuela.
The market remains resilient, and investors are focusing more on liquidity trends and institutional demand rather than short-term economic uncertainty.
Bitcoin whales change their stance.
The behavior of whales changed significantly the day before yesterday, with addresses holding BTC between 10,000 and 100,000 coin selling approximately 50,000 coin between December 29 and January 3. This period reflects caution as Bitcoin moves below critical resistance.
However, throughout the past 24 hours, the wallets of the original whale group have changed their behavior. They have accumulated approximately 10,000 coin worth 912 million USD after Bitcoin surpassed the 90,000 USD level. This new accumulation indicates the confidence of major players in the market, which may help absorb selling pressure in the short term.
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Whales often act as points of liquidity during volatile market periods. Their return to buying indicates an expectation of higher prices in the future. If accumulation continues, it will further support price levels and help stabilize Bitcoin's upward adjustment in early 2026.
Are Bitcoin miners concerned?
While the behavior of miners creates a drag on the bullish outlook for the market, the net change in miners' positions shows that sales have increased rapidly over the past 24 hours, with outflows of coins soaring from 55 coin to 604 coin, reflecting that miners are taking the opportunity to sell at high prices for profits.
Although the selling volume is still low compared to the total supply in the market, miners' sales still impact the short-term picture. Injecting additional coins into the market may reduce upward momentum, especially if demand grows slowly. This selling may limit the speed of Bitcoin's price increase rather than completely reversing its direction.
Typically, miners sell during strong market periods to use as operating capital. Their activities do not necessarily indicate confidence that the market will always be bearish, but when combined with widespread profit-taking, it may delay breakout points until new demand can absorb the increased supply.
BTC's explosive price awaits confirmation.
Bitcoin has broken out of a downward wedge that has persisted for six weeks over the past 24 hours, with trading prices near 91,327 USD as this article is being written. This technical breakout indicates that momentum is improving.
To maintain the breakout, Bitcoin must stand above 92,031 USD as support, which will open the path to 95,000 USD.
Bullish signals will be confirmed when it can return above critical moving averages, with the 50-day EMA around 91,554 USD and the 365-day EMA at approximately 97,403 USD, which is currently a major resistance.
If these levels can be turned into support, it will further demonstrate a stronger reversal trend and increase the chances of the price returning above 100,000 USD again.
However, short-term risks are still related to the macro market's response, as the global market will react to movements from the United States in Venezuela when trading opens on Monday.
A low-risk negative response may pressure Bitcoin while also bringing the price back down to near 90,000 USD or possibly lower, which would immediately negate the short-term uptrend.