Bitcoin (BTC) Whales Accumulate Ahead of Breakout Above $109K Resistance

Bitcoin (BTC) broke above a new all-time high of $109,000 before facing sharp resistance and pulling back. The quick reversal underscored the psychological weight of the $110,000 level

Bitcoin (BTC) pulled back sharply after failing to break above a new all-time high of $110,000, setting the stage for another attempt at the milestone.

Top cryptocurrency Bitcoin (BTC) pulled back sharply after failing to break above a new all-time high of $110,000, setting the stage for another attempt at the milestone.

Bitcoin pulled back

Bitcoin pulled back sharply after failing to break above a new all-time high of $110,000, setting the stage for another attempt at the milestone.

The world’s leading cryptocurrency encountered strong resistance around the $109,000 zone, leading to a 3% retracement. The quick reversal at the triple-digit threshold also saw the Relative Strength Index (RSI) drop below overbought levels.

This pullback is setting the stage for another attempt at breaking the $109,000 resistance and continuing the uptrend. However, the move could also be part of a broader consolidation phase, with Bitcoin struggling to break out of a seven-week price range.

Bitcoin price chart (4-hour candle chart, CRYPTO ATOM)

Credit: TradingView

One factor that could be keeping Bitcoin in a tight range is the psychological weight of the $109,000 level. After several attempts to break through this zone in April, strong resistance emerged, suggesting that traders are keenly aware of this price point.

Another factor is the lack of follow-through after breaking above a key resistance. Bitcoin encountered resistance at $90,000 for several months before finally breaking through decisively.

This breakout should have ideally triggered a steeper upward trajectory, but the lack of follow-through suggests that bulls may need to build stronger momentum to flip the resistance into support.

Bitcoin whale activity picks up

The number of Bitcoin whales—wallets holding between 1,000 and 10,000 BTC—decreased from 2,007 to 1,998 between May 13 and 19, later rising to 2,019.

Despite the small net change, the upward movement suggests that large holders, also known as whales, are accumulating more BTC during the recent price range.

Fluctuations in this metric often reflect shifts in institutional or high-net-worth investor sentiment, making it a critical signal for broader market trends. Even a modest rise in whale addresses can indicate growing confidence, particularly during uncertain or consolidating price action.

Tracking Bitcoin whales is important because these entities have enough capital to influence the market significantly. Their behavior often precedes major price movements, either by providing liquidity support during pullbacks or driving rallies through large-scale accumulation.

The current whale count suggests underlying support, with large holders positioning for a breakout or reinforcing long-term conviction. If this trend of accumulation holds or resumes, it could signal a bullish foundation forming beneath the surface, even if the price remains range-bound in the short term.

Bitcoin’s Ichimoku cloud signals bullish continuation

Bitcoin’s Ichimoku cloud structure remains strongly bullish. The price is positioned well above the cloud, which is thick and green—indicating solid support and a continuation of the upward trend.

Leading Span A (the upper edge of the cloud) is also climbing above Leading Span B, confirming a positive momentum outlook. This upward-sloping cloud suggests that the bulls are in control and the path of least resistance is still to the upside.

The Tenkan-sen (blue line) is above the Kijun-sen (red line), maintaining a healthy bullish spread between the two. This alignment is a classic confirmation of short-term bullish strength.

Meanwhile, the Chikou Span (green lagging line) is well above the price candles, reinforcing the trend from a historical perspective.

As long as the price remains above the blue and red lines—and the cloud remains supportive—the bullish scenario is likely to continue.

BTC pulls back after $109K breakout—will $106K hold?

Bitcoin pulled back sharply after briefly surging above a new all-time high of $109,000. The cryptocurrency encountered strong resistance around the $109,000 zone, leading to a 3% retracement.

This pullback was expected after a rapid rally of over $16,000 in 10 days, setting the stage for another attempt at breaking the $110,000 milestone. However, the quick reversal at the triple-digit threshold also saw the Relative Strength Index (RSI) drop below overbought levels.

On the downside, Bitcoin’s nearest support is at the $106,119 zone. If this level fails to hold, it may trigger a deeper correction toward the next support near $104,584. A stronger bearish shift could open the door