Bitcoin Climbs to $113K Despite Whale Sell-Off Pressure

Bitcoin Climbs to $113K Despite Whale Sell-Off Pressure

Asian Demand Lifts BTC as Traders Eye $117,500 Resistance

Bitcoin surged past $113,000 on Thursday, brushing off fresh selling pressure from an “OG” whale and signaling resilience among bulls. The move represents a 1.6% daily gain, even as traders remain wary of a potential double-top formation.

Whale Activity Meets Strong Market Demand

Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD touched $113,365, liquidating about $40 million in short positions within four hours, according to CoinGlass. Despite heavy resistance overhead, demand from Asian markets has kept momentum alive.

Meanwhile, an “OG” whale, known for holding coins dormant for more than a decade, began distributing 250 BTC ($28.2 million) to Binance, following a 750 BTC sale the previous day. Whale activity of this scale has historically triggered sharp corrections.

Market veteran Peter Brandt warned that such sales represent classic supply-side market behavior. “Tops in markets are created by SUPPLY or DISTRIBUTION,” Brandt wrote on X, cautioning traders about potential exhaustion.

Accumulation Trends Resemble April Rebound

Despite the whale-driven sell pressure, long-term investors are showing conviction. Retail and institutional accumulation has now reached its highest level since April, when Bitcoin recovered from lows under $75,000, according to Andre Dragosch, head of research at Bitwise.

“Such high level of accumulation tends to precede major breakouts to the upside,” Dragosch noted, citing internal data.

Next Test: Avoiding a Double Top

Traders are closely watching the $117,500 level as a critical resistance zone. Brandt emphasized that unless Bitcoin breaks above it, the market risks confirming a double-top formation that could undermine seven weeks of bullish progress.

Further caution emerged from the Coinbase Premium Index, which turned negative midweek, signaling weakening U.S. demand after a strong start. The indicator, tracked by CryptoQuant, suggests U.S. traders may be losing steam compared to their Asian counterparts.

Outlook

While Bitcoin’s resilient climb to $113K underlines strong buyer support, analysts warn that whale distribution and weakening U.S. demand remain potential headwinds. For bulls, the next milestone is clear: $117,500 must be reclaimed to keep the path toward higher highs intact.