Bitcoin Near $111K Could See Short-Term Pullback as Resistance Holds and Whale Supply Falls to 2018 Levels

• Resistance holds at $110,700, increasing short-term pullback risk.

• Whale supply averages ~488 BTC, the lowest level since December 2018, indicating redistribution.

• Current 12% drawdown is within historical correction norms of 20–25%, per on-chain data sources.

Bitcoin resistance near $110,700 with whale supply at 488 BTC; read key levels, data, and next steps for traders and investors now.

Bitcoin trades near $111K while resistance holds firm and whale supply drops to 2018 levels, raising concerns over short-term market stability.

Bitcoin traded at $111,018 during the latest session, a 0.63% gain over 24 hours. Market capitalization sits above $2.21 trillion with 24-hour volumes exceeding $47 billion. Technical rejection at the channel edge and falling whale supply are shaping near-term risk.

What is causing Bitcoin’s short-term pullback risk?

Bitcoin resistance at roughly $110,700 has produced repeated price wicks, signaling sellers at that level. Combined with a decline in average whale holdings to about 488 BTC and normal correction dynamics, these factors raise the probability of a pullback toward $107,200 or $103,000 in the short term.

How strong is the $110,700 resistance and what are the immediate support levels?

Price repeatedly tested the upper boundary of a descending channel near $110,700 and produced rejection wicks, indicating weak buying momentum at that line. Immediate support remains in the $58,000–$60,000 zone, with a wider resistance band near $72,000 defining the medium-term structure. A failure to break $110,700 convincingly would likely force near-term sellers to test $107,200 first, and a deeper correction could probe $103,000.

Why does falling whale supply matter for price stability?

Whale supply — defined here as entities holding 100–10,000 BTC — has trended lower since November 2024. On-chain data providers indicate the per-whale average has reached roughly 488 BTC, a level last observed in December 2018. Reduced concentration among whales suggests redistribution to smaller holders and institutions, which can lower single-entity sell pressure but also removes a sizeable accumulation buffer at higher price levels.

What on-chain data supports the redistribution thesis?

Data from on-chain analytics providers such as Glassnode and CryptoQuant (referenced as plain-text sources) show a steady decline in average whale holdings since late 2024. The median per-whale figure is ~488 BTC today. Exchange and leverage metrics from CryptoQuant indicate no extreme deleveraging event; the market’s recent ~12% drawdown from the cycle peak sits comfortably within historical correction ranges of 20–25% during prior bull cycles.

Market structure and historical patterns suggest the current correction is normal rather than structural. The present 12% fall from the peak near ~$123,000 aligns with prior bull-cycle pullbacks and points to a correction in leverage and sentiment instead of a systemic market breakdown.

How should traders and investors respond to these signals?

Traders should monitor volume and the $110,700–$111,000 area for a decisive breakout or rejection. Risk management measures include tightening stop-losses on leveraged positions and preparing buy-the-dip strategies around the $107,200 and $103,000 levels if support confirms. Long-term investors may view redistribution from whales to institutions and smaller holders as a positive sign for future liquidity and price discovery.

Frequently Asked Questions

Is the current Bitcoin pullback a sign of a larger bear market?

The current pullback is a correction within normal historical ranges. A 12% decline from the recent peak aligns with typical bull-cycle corrections (20–25% historically) and does not, on its own, indicate a structural bear market.

How low could Bitcoin go if resistance stays intact?

If $110,700 holds and momentum fades, initial downside targets are $107,200 and then $103,000; longer-term support remains in the $58,000–$60,000 band unless new macro or on-chain shocks arrive.

What does reduced whale supply mean for price action?

Reduced whale supply to ~488 BTC suggests redistribution to smaller holders and institutions. That can lower concentrated sell pressure but also reduces a large accumulation buffer at higher price levels, potentially increasing short-term volatility.

Key Takeaways

• Resistance test: Repeated rejections near $110,700 raise pullback risk to $107,200–$103,000.
• Whale redistribution: Average whale holdings down to ~488 BTC, last seen in December 2018, indicating broader spread of supply.
• Correction context: The ~12% drawdown fits prior bull-cycle correction patterns; monitor volume and leverage metrics for signs of escalation.

Conclusion

Bitcoin’s immediate outlook hinges on whether the market can clear the $110,700 resistance. Falling whale supply to near-2018 levels has changed market depth dynamics, increasing the significance of short-term technical levels. Traders should prioritize risk management while longer-term holders watch on-chain metrics and institutional flows for accumulation signals. COINOTAG will continue to monitor updates and provide timely on-chain and technical analysis.