Bitcoin continues to face strong resistance as it struggles to reclaim higher supply levels, with price action stalling below the $105,000 mark. The market remains caught between cautious optimism and lingering fear, as selling pressure persists but downside momentum appears to be fading. According to on-chain data from Arkham Intelligence, whales have continued to offload significant portions of their holdings in recent days, contributing to the ongoing headwinds in the market.
However, despite this selling activity, analysts note growing signs of buyer absorption around the $100,000 zone, where strong demand has repeatedly prevented further declines. This balance between distribution and accumulation has split analyst opinions — some expect Bitcoin to dip further before stabilizing, while others see this phase as a reaccumulation zone that could precede a move toward new all-time highs.
Gunden, who has held Bitcoin since late 2011, was sitting on approximately 11,450 BTC valued at $1.4 billion just a month ago. However, recent on-chain activity shows that he has sold around 6,100 BTC, worth roughly $616 million, reducing his holdings to $542 million.
This large-scale selloff comes at a critical time for Bitcoin, as the asset consolidates near the $100,000–$105,000 range amid mounting selling pressure from whales. Gunden’s decision to take profit after over a decade of holding suggests a combination of profit realization and market caution, particularly as macro uncertainty and liquidity stress weigh on risk assets.
While some view this as a bearish signal, others argue that such sales often mark the late stages of a distribution phase, where long-term holders transfer coins to new investors during consolidation. If Bitcoin maintains strong support near $100K despite this heavy selling, it could indicate deep market demand and the potential for a renewed accumulation phase.
The daily Bitcoin chart shows that BTC remains in a consolidation phase, trading around $103,000 after multiple attempts to rebound from the $100,000 psychological support zone. Despite persistent selling pressure and fading momentum, buyers continue to absorb liquidity near this level, keeping the structure relatively stable.
Price action shows a series of lower highs since mid-September, reflecting ongoing market hesitation and the dominance of short-term sellers. The 50-day and 100-day moving averages (blue and green lines) are currently acting as dynamic resistance levels, with BTC repeatedly failing to close above them. Meanwhile, the 200-day moving average (red line) provides a long-term anchor, currently positioned near $98,000, which remains the next major support level to watch.
Until then, the market is likely to remain range-bound, consolidating within the $100K–$105K corridor. A breakdown below $100K could trigger further downside pressure, while a successful defense may set the stage for a recovery toward the $110K–$115K range in the coming weeks.
Featured image from ChatGPT, chart from TradingView.com
