According to reports from Lookonchain, two Bitcoin whales executed significant profit-taking transactions, selling 2,521 BTC worth $205.26 million to secure $13.5 million in combined gains. The whales sold their holdings after maintaining positions for less than a month, with one whale offloading their position after only five days of ownership. This profit-taking activity occurred as Bitcoin crossed the $80,000 resistance level, marking a notable shift in whale behavior during the current market cycle. The sales came as BTC reached $82,000 levels, the highest since late January, before retracing to $80,000. Latest developments show a new Bitcoin whale wallet withdrew 2,500 BTC worth $202 million from Binance in a single hour, with the transfer landing alongside a cluster of bullish technical signals from named analysts.
As reported by Lookonchain, Bitcoin's Exchange Fund Flow Ratio experienced a dramatic increase from 0.001 to 0.08, reflecting heightened exchange activity across the market. This surge in exchange activity suggests increased participation from both demand and supply sides, with whales actively involved in the trading process. The Exchange Whale Ratio has since declined for two consecutive days after rising earlier, currently standing at 0.56, indicating that the price hike above $80,000 has not significantly driven whale profit-taking appetite. Despite the profit realization with BTC reaching January levels, the pullback remained minimal as others, including whales, continued to accumulate above $80,000. The latest withdrawal from Binance comes at a moment when Bitcoin exchange reserves have tightened, with reduced sell-side liquidity on centralized venues potentially amplifying upside moves.
According to Lookonchain analysis, Bitcoin's bullish structure remains intact despite the profit-taking activity, with the Stochastic Momentum Index at 61 suggesting buyers have demonstrated greater determination to defend higher levels. The latest technical developments show John Bollinger's firm's Tactica trend program flipped positive on Bitcoin and went fully invested, with the inventor of Bollinger Bands flagging the position publicly on Wednesday. Trader FinFreedom framed this as a contrarian bullish signal, stating "The inventor of Bollinger Bands just took a position in Bitcoin…and you're bearish." Quant analyst Frank highlighted that Bitcoin's short-term holder MVRV bands broke above the overheated zone for the first time since November 2024, while macro commentator Brett pointed to a rare weekly RSI pattern where the metric dipped below 30 and crossed above 50 - a pattern seen only four times before in Bitcoin's history. These signals, combined with continued exchange outflows, add weight to the accumulation case.
As reported by Lookonchain, Bitcoin's recent price action saw the cryptocurrency jump to $82,000 levels, the highest since late January, before retracing to $80,000. The technical analysis indicates that if profit-taking intensifies, Bitcoin is likely to pull back towards $77,716 and attempt another leg higher from that level. The market structure suggests potential for extended upside movement, with $79,000 as key support and $84,000 as immediate resistance, while the MaMA indicator signals possible sideways movement in the near term. Analysts at Chokeonchain warn that while Bitcoin's rally into the mid $80ks has many bears questioning their thesis, the road higher is unlikely to be smooth, and multiple major resistance zones still remain overhead. Whether the current signal cluster marks a confirmed bottom remains an open question, with the next weekly close testing whether the RSI cross holds.
