Bitcoin Faces Resistance as Whale Holdings Fall to 2018 Levels

Bitcoin struggles to break resistance near $110,700 as repeated rejections point toward possible declines toward $107,200 and even $103,000.

Whale supply averages 488 BTC, the lowest since 2018, signaling redistribution as institutions and smaller investors absorb the reduced holdings.

Correction depth remains within historical norms, with the current 12% drawdown fitting previous cycle patterns between 20% and 25%.

Bitcoin traded at $111,018 during the latest session, marking a modest 0.63% gain over the past 24 hours. The world’s largest cryptocurrency now carries a market capitalization of more than $2.21 trillion, with trading volumes exceeding $47 billion. However, technical signals and supply shifts are shaping concerns about the coin’s next move.

Market analysts observed that Bitcoin touched the upper edge of a descending channel near $110,700. The repeated tests of this level have produced multiple rejections, with price wicks forming along the resistance. Consequently, the lack of buying momentum increases the risk of a pullback toward $107,200. A sharper correction could drive the market closer to $103,000, making the current price area decisive for short-term direction.

Whale Supply Hits 2018 Levels

Besides technical rejection, supply distribution adds pressure. Due to Glassnode data, the average amount of Bitcoin held by the whales, who are considered to be 100 to 10,000 BTC addresses, has decreased since November 2024. The median has gone down to only 488 BTC per whale; the last time it was this low was in December 2018. This is unlike the performance of Bitcoin over the past couple of months, which has been back and forth above the $60,000 mark, which signifies a redistribution from whales to smaller investors and institutions. Distribution over a broader area may reinforce stability in the long term, but without accumulation of whales, a buffer to weaker demand is diminished.

The support is still apparent at the range of 58,000 to 60,000, and the resistance reaches almost 72,000. These are the wider limits of the medium-term trading structure of Bitcoin.Although it is weak at present, the correction pattern of Bitcoin is similar to the past bull cycles

According to CryptoQuant information, the current market has not experienced reductions amounting to more than 28. The recent 12% downward move since its all-time peak of around $123,000 is still within normal ranges of correction of 20% to 25%. This indicates that the recent back-and-forth move is consistent with past behavior and shows a correction in leverage and sentiment but not structural flaws.

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