• Bitcoin (BTC) is witnessing a significant return of large investors as whales accumulate substantial amounts, signaling renewed institutional confidence in the cryptocurrency market.

• Recent data reveals that Bitcoin is experiencing increased exchange outflows and sustained buying pressure, suggesting a potential bullish breakout if momentum continues.

• According to COINOTAG sources, a previously dormant whale reactivated by purchasing 250 BTC valued at $26.3 million, highlighting growing optimism among major holders.

Bitcoin whales are accumulating coins off exchanges, driving buying momentum that could push BTC above $107K or risk a correction below $101K.

Whales Increasing Bitcoin Holdings by Withdrawing from Exchanges

Recent on-chain analysis indicates that Bitcoin whales are actively withdrawing coins from centralized exchanges, a behavior typically associated with long-term holding and confidence in price appreciation. The Netflow Ratio of Large Holders has shifted into negative territory, currently at -0.05, according to IntoTheBlock data. This metric reflects that more BTC is leaving exchanges than entering, underscoring a strong conviction among large holders to retain their assets rather than sell.

Supporting this trend, CoinGlass reports that over 67,854 BTC have exited major exchanges in the past week alone. Notably, Bitfinex saw an outflow of 25,368 BTC, Binance 10,291 BTC, and Coinbase 9,867 BTC. This mass migration of coins off exchanges reduces available supply for trading and often precedes upward price movements.

Source: IntoTheBlock

Source: CoinGlass

Buyer Dominance Evident in Taker Buy-Sell Ratios Across Exchanges

Market sentiment is further validated by the Taker Buy-Sell Ratio, which has remained above 1 for two consecutive days, indicating buyer dominance. CryptoQuant data shows that buyers have acquired approximately 8,680 BTC over this period, contributing to a positive market delta. This sustained buying pressure reflects growing confidence among retail and institutional participants alike, reinforcing the potential for a bullish breakout.

Source: CryptoQuant

Bitcoin’s Next Move: Sustaining Momentum or Facing Correction

Analysts at COINOTAG highlight that Bitcoin’s current buying momentum is a critical factor for its near-term price trajectory. Despite recent range-bound trading, the accumulation by whales and retail investors suggests a bullish outlook. Historical patterns show that increased demand often precedes significant price rallies, as seen during Bitcoin’s recent all-time high when 65,900 BTC were accumulated within 48 hours.

If this momentum persists, BTC could surpass the key resistance level at $107,000 and challenge the $109,000 zone, which has previously acted as a strong barrier. However, a decline in buying pressure might invite selling activity, potentially pushing Bitcoin below the $104,000 support level and down to $101,436. Market participants should monitor these levels closely to gauge the sustainability of the current trend.

Conclusion

Bitcoin’s resurgence in accumulation, particularly among whales withdrawing coins from exchanges, signals renewed confidence in the cryptocurrency’s prospects. The positive taker buy-sell ratios and substantial exchange outflows underscore a market leaning towards bullish momentum. However, maintaining this momentum is crucial to avoid a correction that could test lower support levels. Investors are advised to watch key price points and on-chain metrics to navigate the evolving market landscape effectively.