Bitcoin (BTC) Near the $110,000 Mark, Up Nearly 4.5% in the Last Seven Days

Bitcoin's price has held above $105,000 for the past four days, reinforcing the optimistic sentiment in the market.

Bitcoin price hovered near the $110,000 mark on Monday, adding nearly 4.5% to its seven-day gains. The largest cryptocurrency has managed to stay above the $105,000 threshold for the past four days, a development that could further bolster the optimistic technical outlook.

This bullish bias was recognized by several technical indicators, including the alignment of Exponential Moving Averages (EMAs) and support from the Ichimoku Cloud. However, the count of so-called “whale” wallets showed a slight pause in accumulation.

Bitcoin Price Slides 0.87% as Payloads Peaks

At press time, Bitcoin (BTC) was trading at $108,616, showing a 0.87% decrease over the past 24 hours, according to data from CoinMarketCap on Monday, June 12. During the same period, BTC experienced a dramatic swing—climbing as high as $116,000 before dipping to a low of $107,000—highlighting the market’s volatility.

As of press time, Bitcoin’s market capitalization stands at $2.15 trillion, with trading volume in the last 24 hours decreasing by 8% to $49.99 billion.

Bitcoin Whales’ Accumulation Experiences a Lull

According to BeInCrypto’s analysis, between May 28 and June 4, the number of Bitcoin wallets held by “whales”—those with a balance of 1,000 to 10,000 BTC—increased from 2,002 to 2,017.

This slight uptick signaled renewed interest from large holders, often regarded as “smart money,” in accumulating more Bitcoin. However, since then, the count of these whale wallets has stabilized, remaining in the range of 2,013 to 2,016 over the past week, with the latest count on June 10 at 2,013.

A lack of continued growth indicates that this aggressive buying spree is at least temporarily on pause.

Tracking the activity of these whales is crucial because their movements are frequently an early indication of significant price changes. These large holders can influence market sentiment, create surges or drops in liquidity, and signal the level of institutional confidence or caution in crypto markets.

The current stagnation in activity might suggest a "wait-and-see" approach from these whales amid macroeconomic or technical conditions that are still in flux. While the previous uptick suggests a strong buying presence, the subsequent stagnation suggests that whales may still be hesitant to allocate more capital at current price levels—which could limit near-term price gains unless a new catalyst emerges.

Bitcoin Remains Above Ichimoku Cloud as Momentum Begins to Weaken

The Ichimoku Cloud chart for Bitcoin shows that the price movement is still above the green cloud, which signifies a bullish market structure.

The Leading Span A, forming the upper limit of the cloud, indicates an uptrend, and the green color of the cloud ahead shows continued bullish momentum. This cloud also serves as a potential support zone.

The latest breakout of the red cloud confirms that buyers have taken control after the consolidation phase.

The Tenkan-sen (blue line) is still above the Kijun-sen (red line), presenting another bullish signal and showing that the short-term momentum is stronger than the medium-term trend.

However, both lines are starting to flatten out, which could be a sign of a potential pause or mild consolidation in the bullish momentum.

The lagging Chikou Span (green line) is above the price and the clouds, which reinforces the bullish bias. But its position getting closer to the current price suggests that a drop below the Tenkan-sen could be a warning signal for a potential reversal.

BTC Faces Key Support Test As EMAs Show Strong Bullish Signal

The Exponential Moving Average (EMA) structure still shows a strong bullish signal, with the short-term EMA consistently above the long-term EMA and a healthy inter-line spacing.

This pattern confirms the existence of solid upside momentum and suggests that the uptrend is still holding, barring a significant disruption.

As the price of BTC approaches the next resistance level at $111,000 to $112,000, a breakout above this level could open up further upside opportunities and potentially print new highs in the short term.

However, downside risks remain. If the support around $108,000 fails to hold, BTC could enter a correction phase, targeting a gradual decline to lower support levels.

A drop below the $106,700 region will open up the potential for a deeper retracement, with the $103,000 and $100,400 zones being the next targets if the downtrend strengthens further.