Bitcoin Soars to $100K Amid Whale Sell-Off: Can It Break $105K Resistance?
Bitcoin’s price surged to $100,000, reaching its highest level in two months, sparking intense market activity. Large investors, known as whales, seized the opportunity to sell over 60,000 BTC to lock in profits. This significant price movement has reignited discussions about Bitcoin’s potential to surpass the crucial $105,000 resistance level or face another pullback. On-chain data from Santiment indicates coordinated selling among these major holders, adding to the market’s volatility. As of May 9, 2025, the cryptocurrency community is closely watching whether Bitcoin can sustain its upward momentum or if a correction is imminent.
Bitcoin Price Hits $100K as Whales Sell Over 60,000 BTC for Profits
Bitcoin surged to $100,000, marking its highest level in two months and igniting a frenzy of market activity. Large investors, often referred to as whales, capitalized on the rally by offloading more than 60,000 BTC to secure profits. The sharp price movement has reignited debates about Bitcoin’s ability to breach the critical $105,000 resistance or face another downturn.
On-chain data from Santiment reveals coordinated sell-offs by major holders during the uptrend. Glassnode reports over 3 million BTC returned to profitability at the $100,000 price point, signaling widespread profit-taking among long-term holders. Market participants now watch for macroeconomic catalysts that could determine Bitcoin’s next directional move.
Bitcoin Surges Past $100K Amidst Renewed Market Optimism
Bitcoin has breached the $100,000 threshold for the first time in nearly three months, marking a 5.1% gain in the past 24 hours. Trading volumes spiked 40% as bullish sentiment returned to the market, reversing a downtrend that began in December.
Over $220 million in BTC short positions were liquidated during the rally, fueling a short squeeze that contributed to heightened trading activity. Open interest in Bitcoin futures approaches record levels at $69.6 billion, signaling renewed speculative interest following the April 22 breakout.
Bitcoin Surges Past $101K with Eyes on $110K Bullish Breakout
Bitcoin has climbed above $101,000, marking a 4.5% daily gain as it continues its recovery from a recent dip below $80,000. The cryptocurrency is now trading at $101,399, with technical indicators showing an ascending channel pattern supported by higher lows and sustained buying interest.
Market momentum appears strongly bullish, with trading volume and price structure suggesting further upside potential. The $110,000 level now looms as critical resistance—a breakout could accelerate gains, while failure to hold current levels may test lower support zones.
Coinbase Earnings, Sales Disappoint as Trading Volume Drops Amid Market Turmoil
Coinbase Global Inc. reported first-quarter revenue of $2 billion, falling short of analyst expectations as crypto trading volumes declined. The figure marks a 12% drop from the prior quarter’s $2.27 billion and misses the Street consensus of $2.1 billion.
Transaction revenue plunged 19% to $1.3 billion, while trading volume slid 10% to $393.1 billion. Earnings per share of $0.24 dramatically underperformed against the $1.93 estimate, reflecting broader market pressures.
The exchange noted Bitcoin reached record highs in January before retreating alongside traditional markets. "Asset volatility increased during the period," the company stated, without elaborating on specific market drivers.
Standard Chartered Raises Bitcoin Price Target Amid Institutional Surge
Bitcoin’s rally defies earlier projections as institutional capital floods the market. Standard Chartered’s digital assets research head Geoffrey Kendrick now suggests his initial $120,000 Q2 target may prove conservative, with BTC already breaching $100,000 amid accelerating adoption.
The narrative shift from speculative asset to institutional staple appears complete. Sovereign wealth funds and corporate treasuries now drive demand where retail traders once dominated, creating sustained upward pressure absent in previous cycles.
Market mechanics reinforce the momentum. As Kendrick observes, each incremental dollar entering bitcoin ETFs and custody solutions exerts disproportionate price effects in the still-constrained supply environment. The asset’s hardening correlation with gold rather than tech stocks underscores its evolving role in portfolios.
