Bitcoin faces significant resistance near the $112,000 price level amidst ongoing selling pressure from large holders (‘whales’), even as long-term investors demonstrate strong accumulation.
Market data reveals a substantial whale transfer of 1,000 BTC (valued at approximately $106 million) to exchange Binance, continuing a pattern of selling by this entity first observed in April 2024.
Contrasting this short-term selling pressure, long-term holders (LTHs) have aggressively accumulated Bitcoin, adding 881,578 BTC to their holdings over the past 30 days. This cohort now controls 2.91 million BTC, signaling significant conviction in Bitcoin’s long-term value proposition.
Technical analysis indicates that while a rising trendline offers underlying support, the Relative Strength Index (RSI) hovering below 50 points suggests weakening immediate buying momentum and the potential for a price pullback.
On-chain metrics show a notable disconnect: the Network Value to Transaction (NVT) ratio surged 15.21% to 36.49, indicating Bitcoin’s market capitalization may be outpacing its utility as measured by on-chain transaction volume.
User activity paints a mixed picture; active Bitcoin addresses increased by 1.69%, driven by engagement from existing participants. However, growth in new addresses entering the network slowed by 2.36%, suggesting a deceleration in new user adoption pace despite the active market.