Bitcoin Whale Entry Prices Show $59.7K Divergence Amid Growing Confidence

Bitcoin has reached $104,300, reinforcing a bullish outlook for 2025. This price position puts BTC near its all-time high of $109,000. The rally is supported by strong technical indicators and positive market sentiment.

On-chain data reveals significant activity among large holders:

The Realized Price difference between new whales ($91.9K) and old whales ($32.2K) is $59.7K.
This represents a 185% relative spread to the long-term holder basis.
New buyers are entering at higher prices, indicating institutional interest.

Resistance and Market Dynamics

Bitcoin faces resistance around $104,000, a critical level before potential price discovery above $109,000. While the recent rally shows strength, short-term selling pressure may occur. A successful breakout could lead to a surge beyond $109K; failure may result in consolidation.

Recent insights highlight the psychology of Bitcoin's largest holders:

The spread of 185% currently contrasts with only 62% in November 2022.
This indicates rising confidence and aggressive accumulation despite elevated prices.

Price Analysis

Bitcoin is currently trading near $103,000, having encountered resistance at $103,600. This area has historical significance as a rejection point during past rallies.

The surge from $87K–$90K has broken key moving averages (200 EMA at $91,806 and 200 SMA at $89,400).
Consolidation above $100K could support further upside; failure to clear $103,600 may lead to a pullback.

Market structure remains bullish, with the upcoming resistance zone critical for determining Bitcoin's next move.