Whales Bet Big on Bitcoin While Social Score and Charts Turn Bullish

TLDRWhales are buying heavily around $95K–$98K, creating strong support.Profit-taking may rise near $99K, risking selling pressure.Most BTC was bought near $95K, turning that zone into key resistance.BTC hit $97K+ with low volume; momentum may slow.RSI is overbought; short-term pullback is possible despite bullish trend.Since the recent market correction, Bitcoin’s long-term holders have increased their supply by approximately 254,000 BTC. This trend reflects rising confidence as large holders accumulate at higher price levels. Despite recent volatility, most of this BTC was acquired at or above the $95,000 mark.Long-Term Holders continue to accumulate, with +254k $BTC aging beyond 155 days since the recent low – many bought above $95k. Spending remains light, signaling renewed confidence and a lack of interest in de-risking at current prices. pic.twitter.com/OnBNGrUFoS— glassnode (@glassnode) May 2, 2025Consequently, this price zone has become a strong support level, as whales show minimal desire to reduce exposure. The sustained accumulation signals firm conviction in Bitcoin’s long-term growth outlook. This behavior indicates that long-term holders are positioning for further gains rather than de-risking.Furthermore, light selling activity highlights a lack of exit behavior, even after Bitcoin reached highs above $100,000. This suggests that whales expect another leg higher. Thus, continued accumulation strengthens the current price floor.Bitcoin Distribution Patterns Show Strong Support Below $99KData from long-term holders shows increased activity when unrealized profits approach 350% of the cost basis. Based on historical behavior, selling pressure increases as profits reach high thresholds. This 350% profit zone aligns with a BTC price near $99,900.Historically, LTHs begin distributing more aggressively around a 350% unrealized profit margin, which aligns with a $BTC price of ~$99.9k. As the market nears this level, increased sell-side pressure is likely, requiring strong demand to absorb it. pic.twitter.com/sZBHtyEFX5— glassnode (@glassnode) May 2, 2025As a result, Bitcoin may face heavy selling pressure if prices approach this range again. Hence, strong buying volume would be required to support further upward movement. Price performance near this zone will determine the next momentum phase.Besides, the chart tracks previous distribution events when profits surged or dropped significantly. These trends outline a clear path where major selling can emerge. Therefore, if BTC reclaims $99K, a breakout will depend on fresh demand.BTC Chart Highlights Strong Whale Accumulation Near $95KThe URPD chart shows large BTC clusters purchased between $95,000 and $98,000. This area has now turned into a significant resistance level. Many holders may sell once the price returns to their breakeven zone.Above $100,000, historical supply is thin, creating a light resistance cluster. If Bitcoin clears the $98,000 range, this opens a path for price discovery. Whales dominating this zone add significant weight to this level.Consequently, overcoming this resistance depends on market strength and continued demand. However, as long-term holders are in profit, higher volatility could emerge. Sustaining gains above $100K will rely on new capital inflows.Bitcoin Breaks $97K: Bulls Take Charge Amid Lower VolumeBitcoin’s price fluctuations over 24 hours, with the price currently at $97,048.97, reflecting a 0.54% increase. The price experienced a dip below $96,600 early in the day but showed a strong upward trend toward midday, peaking around $97,750 before stabilizing. Despite minor dips later, the price maintained an upward momentum. Trading volume in the last 24 hours dropped by 19.68%, suggesting less market activity despite the price gain.Source: TradingviewThe Relative Strength Index (RSI) is currently at 70.42, indicating that BTC is entering overbought territory, which could signal a potential pullback or consolidation. Meanwhile, the MACD indicator shows a strong bullish crossover, with the MACD line significantly above the signal line, confirming upward momentum. The trend is bullish, but caution is warranted as the RSI nears overbought levels. Would you like an outlook for the short term The post Whales Bet Big on Bitcoin While Social Score and Charts Turn Bullish appeared first on CoinCentral.