Bitcoin Whales Accumulate as BTC Eyes Breakout to $115K, Exchange Reserves Plunge
In a series of updates, Ali highlighted strong bullish signals for BTC, including whale accumulation, reduced exchange reserves, and a looming breakout above key resistance.
BTC Approaching $106K Resistance, Eyes on $115K
As BTC trades near $103,668, Martinez points to a critical resistance level at $106,000. A successful breakout above this threshold could propel Bitcoin toward a $115,000 target, he says.
The accompanying chart shows BTC steadily climbing through prior resistance zones since early April, with little overhead supply remaining before the next leg up.
A breakout here could target $115,000, Ali noted, referring to the clean technical structure building above $100K.
110,000 BTC Withdrawn From Exchanges in 30 Days
Another bullish indicator is the sharp drop in Bitcoin exchange reserves. Over the past month, more than 110,000 BTC have been withdrawn from centralized exchanges, according to on-chain data Ali shared from CryptoQuant.
The chart shows a clear and consistent downtrend in reserves, dropping from around 2.56M BTC to 2.45M BTC, as the price rallied from the high $80K range to above $102K. Such withdrawals often signal accumulation for long-term holding, reducing sell pressure and supporting upward price movement.
Whale Accumulation Surges 20,000 BTC Added in 48 Hours
Perhaps the most telling data point is the recent surge in whale accumulation. According to a Santiment chart shared by Ali, wallets holding 1,000 to 10,000 BTC have collectively added over 20,000 BTC in the last 48 hours.
This steep accumulation aligns with Bitcoins latest price jump and reflects growing institutional or high-net-worth investor confidence.
The Big Picture
With BTC exchange reserves plunging, whale wallets stacking aggressively, and a critical resistance zone in sight, the market structure appears primed for further upside potentially to $115,000 and beyond if $106K is broken with conviction.
As always, resistance levels tend to attract heavy volume, and volatility is likely. But the combination of technical momentum and on-chain strength paints a clear picture: bulls are in control and whales are leading the charge.
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Text source: Coindoo
