Bitcoin Price Nears $105,300 Amid Rising Selling Pressure and Growing Bullish Momentum
Bitcoin price is currently hovering near $105,300, down about 0.8% in the past 24 hours and roughly 5% for the month. Despite this modest decline, the market has shown surprising stability this week. After briefly dipping near the $100,000 mark, Bitcoin has managed to rebound even as selling pressure intensifies. This contrast between rising selling pressure and relatively steady prices suggests deeper dynamics at play beneath the surface.
Surge in Selling Pressure Backed by On-Chain Data
On-chain data analyzing spent output by age bands—which tracks the age of coins being moved to exchanges—reveals a sharp spike in BTC selling. This surge, reported to have increased by over 1,300%, highlights significant activity among sellers.
At the same time, indicators among short-term holders are sending a cautiously optimistic signal. The 20-period Exponential Moving Average (EMA) is closing in on the 50-period EMA, creating an emerging bullish crossover. This type of crossover often signals strengthening upward momentum. Notably, the last time this pattern appeared around October 25, Bitcoin rallied over 5% within days.
This suggests that despite heavy selling, underlying momentum might be recovering. Traders are watching closely to see if the crossover completes, as confirmation would indicate growing buying pressure beneath the surface.
Large Holders Accumulate, Bolstering Rebound Prospects
Supporting the rebound thesis, whale wallet data shows an uptick in accumulation. Entities holding over 1,000 BTC increased from 1,362 to 1,388 between November 6 and 10—about a 1.9% rise. At current prices, this means that roughly 26,000 BTC (valued at approximately $2.7 billion) have been added to large wallets. This sizeable accumulation is enough to absorb a meaningful portion of short-term selling pressure.
If this trend continues, it could sustain Bitcoin’s rebound and pave the way for a retest of key resistance levels. The first hurdle sits at $105,500—a zone that has repeatedly capped upward moves since November 9. A clean daily close above this level could open the door to $109,700, which has acted as resistance since October 31.
Beyond these levels, additional targets include $112,600 and $116,400. However, such gains would require sustained attention from large holders and a moderation in cohort-based selling pressure.
Potential Risks: Key Support Levels to Watch
On the downside, a daily close below $102,900 could weaken the current price structure and expose support at $98,800. Such a move would invalidate the short-term bullish setup and may signal further declines.
In summary, while Bitcoin faces increased selling pressure, underlying momentum and accumulation by large holders suggest a potential rebound. Traders will be closely monitoring key technical levels in the coming days to determine the next directional move for the leading cryptocurrency.
https://bitcoinethereumnews.com/bitcoin/bitcoin-price-to-bounce-against-1300-selling-spike-but-how/
