Bitcoin Price Halted by $85K Wall as Whales Ramp Up Accumulation

Bitcoin's price has been stuck in a tight range between $82,000 and $85,000 as large holders known as whales continue to accumulate more coins. According to data from Santiment, these whales have added over 41,000 BTC in the past ten days, bringing their collective holdings to 13.64 million BTC or 67.93% of Bitcoin's total supply.

This accumulation comes despite the market's resistance above $85,000, and analysts are now warning that a break below $82,000 could lead to deeper losses. On the other hand, if the price can clear this hurdle, it may reopen targets as high as $100,000.

Crypto analyst Ali Martinez has identified a double-bottom pattern in Bitcoin's chart, with the neckline at around $82,000. If this level holds as support, it could provide a setup for a move towards the $100,000 target, but only if the price can prove that $82,000 can act as support after the breakout.

Additionally, data from CryptoQuant shows that over 13,800 BTC left Binance on September 25, marking the exchange's largest daily Bitcoin outflow since early 2023. This comes as institutional flows into US spot Bitcoin ETFs have reached $2.39 billion between September 21 and 25.