Giant Bitcoin Investor Acquires $86 Million in Cryptocurrency at $113,000 Rate: Will the $120,000 Resistance Wall Crumble as Investor Plans Exit?
Bitcoin's price has been subject to a mix of bullish and bearish indicators over the past few days. The cryptocurrency's current trading range hovers around $116,000 to $118,000, with technical indicators showing a slightly bullish sentiment.
The Fear & Greed Index, a measure of market sentiment, currently stands at 74, indicating a generally positive but cautious market mood. However, some signs of weakening momentum and price volatility warrant careful monitoring.
One such sign is the drop in the Relative Strength Index (RSI) from levels above 70, confirming a slowdown from bullish momentum. The RSI has remained below its average line since late July, currently reading 47.13. This suggests that Bitcoin may be oversold, but without reclaiming strength above resistance or finding support, sideways price action may persist.
Recent candles also reflect smaller ranges and lower volatility, indicating a potential consolidation phase. The MACD line is at 291.74, far below the signal line at 1,211.33, further supporting this notion.
Whale activity, however, provides a contrasting narrative. A high-leverage long position by whale address 0xab15 suggests strong conviction on the upside by a significant market player, indicating confidence. On-chain data show increased activity by major whales and institutional buyers, which traditionally supports price stability and long-term upward trends.
However, a major limit sell order of 702 BTC at $120,000 represents a substantial supply barrier that could act as resistance. Such an order may limit short-term upside until absorbed by buyer demand, potentially causing price hesitation or pullbacks near that level.
Analysts' forecasts for August to November 2025 highlight Bitcoin trading mostly between $108,000 and $133,000, with predictions of a possible breakout toward $120,000 to $135,000 if bullish momentum continues. This suggests that while the $120K sell wall is significant, the market may still push through if conditions remain favorable.
In summary, while whale accumulation and positive long-term sentiments support Bitcoin sustaining higher price levels, the large sell order at $120,000 combined with weakening technical signals could lead to increased volatility and resistance near this price point. The market is likely to fluctuate within the $110,000 to $120,000 range in the short term, with the potential for a breakout if whale buying and investor confidence persist.
[1] CoinDesk. (2022). Bitcoin Price Index (BPI). [online] Available at: https://www.coindesk.com/price/bitcoin/
[2] Alternative.me. (2022). Fear & Greed Index. [online] Available at: https://alternative.me/fear-and-greed
[3] Glassnode. (2022). On-chain data. [online] Available at: https://glassnode.io/charts/
[4] TradingView. (2022). Bitcoin Technical Analysis. [online] Available at: https://www.tradingview.com/symbols/BTCUSD/
- Despite the large sell order at $120,000 and weakening technical signals, the slightly bullish sentiment in the cryptocurrency market, as indicated by the Fear & Greed Index, could encourage some investors to continue investing in Bitcoin as part of their finance strategy, given its potential link to technology and innovative nature.
- Analyzing market data from various sources like CoinDesk, Alternative.me, Glassnode, and TradingView, suggests that Bitcoin's price may continue to fluctuate within the short-term range of $110,000 to $120,000, with the potential for a breakout if whale buying and investor confidence in cryptocurrency and technology persist, according to analysts' forecasts for August to November 2025.
