Bitcoin [BTC] is trading above the $85,000 mark as the broader crypto market enters a potentially bullish last quarter (Q4) of the year. Since the inception of crypto, Q4 has been mostly green, and this quarter also might follow that trend.
Despite this strength, the uptrend is facing a significant blockade from dormant whales and perpetual traders. Will bulls push BTC toward the $100K mark?
Dormant Bitcoin whales wake up after 13 years
In the past 24 hours, two Bitcoin OGs who bought 1,346 BTC about 13 years ago have woken up, with their position now valued at $115 million. The two dormant wallets are sitting on a 479x return.
This amount was worth $240K, with the two whales moving 0.0005 BTC valued at $43 as a test transaction. This hints that the two OGs could be warming up for a sell. Still, the test transaction could also be a way to manage the position.
While the transaction could be hinting at a sale, the perpetual Futures market is also adding to the pressure.
As per CoinGlass, large sell orders in the $87K-$91K zone are forming four massive walls below $100K. These supply zones were at $88K, $89K, $90K, and $91K, capping the ongoing uptrend.
Even with the impending selling pressure, spot whale demand could push past $91K. Here is why:
Why the $100K target remains viable
First, traders on Kalshi were betting on the price crossing the $100K mark before the year ended. The odds were at 39% and continuing to steadily rise with around three months left before the close.
Technically, the weekly timeframe was reinforcing this outlook. Bitcoin has just secured its second weekly candle close above the May highs. Every weekly close above this level adds further confirmation.
As per the weekly charts, the $100K and $127K levels were the next resistance.
On the lower timeframes, like the 15-minute, spot bulls were buying dips. In fact, the aggregate CVD was rising with over 2K BTC bought on Coinalyze.
However, liquidity is stacked on both sides, with a larger pool sitting below, that is, between $81,000 and $84,150. This indicates BTC was likely to drop if the bulls did not clear the $91K resistance.
Final Summary
- Two Bitcoin whales have woken up after 13 years of dormancy, with their 1,346 BTC sitting on a 479x return.
- Massive BTC orders were placed between $87K and $91K, but the technical outlook hints at potential uptrend continuation.