Bitcoin (BTC) faced bearish pressure earlier today dropping to the $100,800 level. However, the coin rebounded and is currently trading above the $103,000 level. A clear indicator that bulls are not yet ready to lose their grip of the current market. 

Furthermore, recent data shows that large Bitcoin investors, often referred to as whales and sharks, have purchased a significant number of BTC over the last 30 days. Often, massive accumulation by these market players suggests potential for higher prices in the coming. Bulls are thus eyeing $110,000, which would mark a new all-time high (ATH). 

Large BTC Holders Accumulate as Retail Holders Sell-off

Bitcoin has put up an impressive performance over the last few days. In fact, we are on the 6th day since the king crypto pumped past $100,000, a key psychological level. However, BTC is facing key resistance around the $105,000 level which is hindering a surge towards a new ATH. 

But, recent data shows that Bitcoin is in the perfect shape for a rally to form a market cap. As per analytics by Santiment, the large Bitcoin market players have been accumulating aggressively over the last one month. The data shows that whales and sharks ( investors holding 10-10K BTC) accumulated 83,105 more BTC over the last one month alone. 

The data also suggests that retail investors could be taking profit. The smallest retail holders (holding less than 0.1 BTC) have dumped 387 BTC over the same period. This explains the recent drop in the price of Bitcoin towards $100,000. But, the significant accumulation by larger investors counters this selling pressure making the impact insignificant. 

The huge accumulation could also signify that large investors are betting big on Bitcoin. Santiment believes that this can push the price to the $110,000 if key resistance levels are cleared. 

“With the aggressive accumulation from these large wallets, it may be a matter of time until Bitcoin’s coveted $110K all-time high level is breached,” Santiment wrote. Santiment also remarked that such a surge is very likely once the China and U.S tariff pause kicks in. 

Will Bitcoin Hit a New All-Time High Soon? 

As large investors accumulate aggressively, Bitcoin is preparing for a rally to a new all time high. As per daily chart on TradingView, BTC is trading at $103,609 as at press time. With the price at this level, its a clear depiction of the failure to breach $105,000 resistance. 

But, the whale accumulation is serving as a counter for selling pressure. After rebounding to $103,609, continued upward momentum could push Bitcoin past the resistance and over to a new all-time high. This would mark a 6.31% surge from the current position. 

However, continued failure to breach the $105,000 level resistance could suggest a market top. In fact, Santiment data shows that smaller wallets, even the tiers a bit larger than 0.1 BTC, are engaging in profit taking activities with the belief that the Bitcoin may top soon. 

If the profit-taking continues, Bitcoin could drop towards $100,000, which is currently acting as support. A breach of this level would further push investors to exit their positions in fear of lowers prices. The next support lies around the $98,000 price level. If breached, further downside pressure would mount pushing BTC lower and thus invalidating the prevailing bullish momentum.