Bitcoin Loses Whale Support? Yet History Shows the Price Can Still Rise

Bitcoin is currently trading near $89,700, showing flat price action despite on-chain data indicating that large holders (whales) have been reducing their exposure over the past few weeks, reaching lows not seen since November. Interestingly, this selling appears to be a rotation into Ethereum rather than panic selling. This sustained whale indifference has not led to a breakdown, suggesting that overall selling pressure might be nearing exhaustion. A Glassnode metric, the Bitcoin Seller Exhaustion Constant, is currently near a historical level (0.019) that previously preceded significant rallies, implying shrinking downside risk. For the price to advance, Bitcoin must maintain support above $89,250, with a reclaim of $91,320 potentially leading toward $94,660; failure to hold $89,250 would expose lower support levels.

(Source：BeInCrypto)