Bitcoin prices soared in the new year on the back of renewed optimism and strong inflows into spot ETFs. Shares of the cryptocurrency king are still trading higher despite geopolitical tensions following the U.S. attack on Venezuela.
Markets remain resilient, suggesting investors are prioritizing liquidity trends and institutional demand over short-term macro uncertainty.
There has been a noticeable change in the whale’s behavior over the past day. Addresses holding between 10,000 and 100,000 BTC have sold approximately 50,000 BTC between December 29 and January 3. This phase of the distribution reflects caution as Bitcoin consolidates below major resistance levels.
In the past 24 hours, these whale wallets have changed direction. After Bitcoin broke through the $90,000 level, they accumulated around 10,000 BTC worth $912 million. This new accumulation shows the confidence of major shareholders and may help absorb recent selling pressure.
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Whales often act as liquidity anchors during periods of volatility. Their resumption of buying signals expectations of future price increases. If accumulation continues, it could strengthen support levels and stabilize Bitcoin’s rise into early 2026.
The behavior of miners acts as a counterweight to the bullish sentiment. Changes in miners’ net positions showed a sharp increase in selling over the past 24 hours. Outflows increased from 55 BTC to 604 BTC, reflecting miners taking advantage of higher prices to realize profits.
While volumes remain modest relative to total market supply, miner selling will still impact short-term dynamics. Increased issuance entering the market could dampen upward momentum, especially if demand growth slows. This sell-off could limit the speed of Bitcoin’s rise rather than completely reverse its upward trend.
Miners typically sell when the market is strong to fund operations. Their activity does not necessarily indicate bearish belief. However, combined with broader profit-taking, it can delay a breakout until new demand absorbs the additional supply.
Bitcoin has broken out of a six-week falling wedge in the past 24 hours and is trading near $91,327 at the time of writing. This technological flight suggests that momentum is improving.
To sustain the breakout, Bitcoin must find support at $92,031, which would open the way to $95,000.
Bullish confirmation requires a retracement of key moving averages. Currently, the 50-day moving average near $91,554 and the 365-day moving average near $97,403 are resistance levels.
Converting these levels into support would signal a stronger trend reversal and increase the likelihood of a move back above $100,000.