Bitcoin Price Chart Still Screams Bullish — So Why Is the Breakout Stalling?
Despite a bullish chart pattern, Bitcoin's breakout is stalled by a heavy supply zone between $110,000 and $112,500.Summary
Bitcoin's price chart still indicates a bullish reversal pattern, but the expected breakout is stalling, currently hovering near $110,350. On-chain analysis using the cost basis heatmap reveals that a heavy supply zone between $110,000 and $112,500 is acting as resistance, where approximately 434,000 BTC were last accumulated. Until BTC closes firmly above $112,500, this bullish pattern remains paused.
However, signs suggest a potential catalyst: large wallets (whales holding 1,000 to 10,000 BTC) are resuming accumulation, indicated by a positive 30-day address count change for the first time since August. This renewed institutional confidence could help absorb selling pressure.
Technically, Bitcoin is in an inverse head and shoulders formation. A daily close above $116,400 confirms the breakout toward targets of $122,000 to $130,800, supported by a bullish divergence on the RSI. The critical resistance zone remains $112,500-$112,590, while a drop below $103,500 would invalidate the entire bullish setup.
(Source：BeInCrypto)