Bitcoin Whales Scoop Up 83,105 BTC—Is a $110K Rally Imminent?

Bitcoin (BTC) has been predicted to secure the $110k level as whales aggressively accumulate despite the smallest retail holders dumping for profit. Bitcoin is reported to have entered the overbought territory, signalling a short-term cool-off before another rally. Bitcoin (BTC) slumped below a major support level to $100k, losing more than 2% in its daily time frame. However, the asset quickly bounced back to $103k, reducing the 24-hour losses to 0.8% while maintaining its weekly returns of 10%. According to our market data, the recent rebound has extended its monthly returns to 22% while increasing its 90-day move by 7.7%.In line with the current trend, traders have shown interest as trading volume increases by 13% to $59 billion. Meanwhile, Santiment data has suggested that it is just a matter of time for Bitcoin to hit $110k as whales aggressively accumulate.Reviewing its data, we found that whales and sharks (10-10K BTC holders) have accumulated an additional 83,105 BTC in the last 30 days. This is a massive shift from the reduction of whale balance by 57,000 BTC in March, as previously discussed in our news brief.More About the Whale Activities and Bitcoin’s Technical SignalsWithin the last 30 days, an interesting trend occurred among the smallest retail holders ( less than 0.1 BTC holders). This batch of holders sold 387 BTC. As stated by Santiment analysts, the reason was linked to profit taking. Meanwhile, the whales who are aggressively purchasing the asset appear to have renewed confidence in Bitcoin’s ability to set a new all-time high record.Amidst this, the illiquid supply of Bitcoin has significantly increased in the last 30 days. According to Glassnode data, this figure now stands at 14 million BTC, becoming the highest volume to date. In just a month, 180,000 was recorded, marking the highest since December 2022.Per our analysts’ interpretation, this represents a shift where whales are more interested in long-term holdings. Apart from these on-chain activities, Bitcoin is reported to be showing bullish signals on technical grounds as a bullish crossover has been spotted on its weekly MACD indicator. According to analyst Moustache, this could be likened to a similar occurrence in October 2024.The CIO at Kronos Research, Vincent Liu, has also observed that Bitcoin is currently trading above the 50 and 200-day moving averages with strong technical support. Unfortunately, the asset could pull back in the short term as its Relative Strength Index (RSI) shows a move into the overbought territory.BTC Markets Analyst Rachael Lucas explained that this does not necessarily signal an upcoming sharp correction.This doesn’t necessarily signal an immediate reversal, but it does raise the likelihood of some short-term cooling or sideways movement. A retest and consolidation above the key psychological level of $100,000 would be a healthy development and could provide a base for further upside.In the long term, the CEO of BitGet, Gracy Chen, has estimated that Bitcoin could be worth $126k. As detailed in our recent interview, Gracy also believes that the asset could hit $190k depending on the the price determining factors. Meanwhile, network economist Timothy Peterson has equally predicted that Bitcoin could hit $126k by June 2025, as also indicated in our previous coverage.