Bitcoin: Assessing if $120mln whale withdrawal could spark BTC’s rally to $80K

Bitcoin cooled from its recent push toward $76K but held above $74K for three straight days.

At press time, BTC traded at $74,577, up 1.02% on the daily chart. That stability kept the short-term uptrend intact.

Are Bitcoin whales buying or selling right now?

As the price held firm, whale activity picked up.

CryptoQuant’s Spot Average Order Size data showed a rise in large orders over the past week. This reflected stronger whale participation.

Large orders on Spot do not confirm direction alone. They can signal both accumulation and distribution.

Even so, CoinGlass data pointed to a transition phase. Some whales sold into strength, while others accumulated aggressively.

Buy-side interest clustered between $65K and $74K, forming a broad demand zone.

On-chain data supported this. Lookonchain reported three new wallets withdrew 1,600 BTC, worth $120M, from exchanges. That move suggested fresh accumulation despite recent price gains.

However, selling pressure remained active above $75K.

Whales consistently sold into rallies near this level across Spot and Futures markets. That behavior turned $75K into strong resistance.

On top of that, Futures activity reinforced the trend. Matrixport closed a $112M BTC long position, locking in over $8.7M profit.

That action highlighted a split market. Some whales accumulated, while others realized profits at higher levels.

Is Bitcoin stuck between buyers and sellers?

As of the press time, Bitcoin [BTC] traded between a clear buy wall and sell wall.

Repeated attempts to break $75K have failed, triggering pullbacks. At the same time, whales defended the $70K–$72K range.

That balance kept BTC in a narrow range, with neither side in full control.

Even so, short-term momentum remained positive. BTC held above the 9-day and 21-day Moving Averages for four straight sessions.

At the same time, the Stochastic Momentum Index (SMI) formed a bullish crossover and rose to 67. Its signal line stayed near 66.

This showed buyers held a slight edge, though not enough to dominate. The next move depends on which side gains control.

If whales continue accumulating near $70K–$74K, BTC may break $75K and target $78K–$80K.

However, if resistance holds, another pullback toward $70,500 remains likely.

Final Summary

• Bitcoin held above $74K for three days, showing short-term stability after cooling from $76K
• Fresh withdrawals of 1,600 BTC from exchanges signal continued long-term accumulation by new wallets