Bitcoin (BTC) is back trading near the $110,000 mark, up nearly 4.5% over the last seven days. The price has held above $105,000 for the past four days, reinforcing bullish sentiment in the market.
This steady performance comes amid a pause in whale accumulation and strong technical indicators such as bullish EMA alignment and Ichimoku Cloud support. As BTC tests key resistance levels, traders watch closely to see whether momentum will carry or a pullback is on the horizon.
BTC Whales Pause Accumulation
Between May 28 and June 4, the number of Bitcoin whale wallets—those holding between 1,000 and 10,000 BTC—increased from 2,002 to 2,017.
This brief uptick suggested renewed interest from large holders, often seen as smart money. However, since then, whale numbers have stabilized, hovering between 2,013 and 2,016 over the past week, with the current count sitting at 2,013.
This lack of continued growth indicates a pause in aggressive accumulation, at least for now.
Bitcoin Whales. Source: Santiment.
Tracking Bitcoin whales is crucial because their movements often precede major price shifts. These large holders can influence market sentiment, create liquidity waves, and signal institutional confidence or caution.
The current plateau in whale activity may reflect a wait-and-see approach amid uncertain macro or technical conditions.
While the recent rise hinted at accumulation, the stagnation that followed suggests whales might be hesitant to deploy further capital at current price levels—potentially limiting short-term upside unless a new catalyst emerges.
Bitcoin Stays Above Cloud, But Momentum Stalls
Bitcoin’s Ichimoku Cloud chart shows price action above the green cloud, reflecting a bullish market structure.
The Leading Span A (upper edge of the cloud) is trending upward, and the green color of the cloud ahead indicates continued bullish momentum. The cloud acts as a potential support zone.
The recent breakout from the red cloud confirms that buyers took control after the consolidation.
BTC Ichimoku Cloud. Source: TradingView.
The blue line (Tenkan-sen) remains above the red line (Kijun-sen), another bullish signal indicating short-term momentum is stronger than the mid-term trend.
However, both lines have flattened slightly, suggesting a potential pause or minor consolidation.
The green lagging span (Chikou Span) is positioned above the price and the cloud, reinforcing the bullish bias. Still, its convergence with current price action suggests that any drop below the Tenkan-sen could warrant caution.
BTC Faces Key Support Test
Bitcoin’s EMA structure remains firmly bullish, with shorter-term EMAs consistently above the longer-term ones and a healthy gap between them.
This alignment confirms strong upward momentum and suggests trend continuation is still intact unless disrupted.
As BTC price approaches its next resistance level, a breakout above this level could open the way for further gains and potentially establish new short-term highs.
BTC Price Analysis. Source: TradingView.
However, downside risks remain. If support near the $108,000 zone fails, BTC could enter a correction phase, targeting progressively lower support levels.
A break below the $106,700 region would open the door to a deeper retracement, with the $103,000 and $100,400 zones becoming potential targets in a stronger downtrend.
