Whales Gobble Up Bitcoin as $108K Floor Holds Firm—$113K Target Next?
Bitcoin's $108K support level isn't just holding—it's becoming a whale buffet. Institutional players are stacking sats like there's no tomorrow, and the charts whisper one question: Is $113K the next pitstop?
### The Whale Feeding Frenzy
When crypto's big-money players start accumulating, markets listen. The $108K level has transformed from resistance to a springboard—classic bull market behavior. Remember when traditional finance scoffed at 'magic internet money'? Now they're scrambling for exposure.
### Technicals Scream Green
No fancy indicators needed here. Price holds firm at $108K, volume spikes on buys, and open interest climbs. Textbook accumulation before a potential leg up. Meanwhile, goldbugs weep into their safe-haven spreadsheets.
### The Cynic's Corner
Let's be real—if this were any other asset class, CNBC would be screaming 'bubble!' But since it's crypto, we get 'volatile emerging asset' euphemisms instead. Wall Street's hypocrisy tastes better with a side of Bitcoin ATH.
- Whale sentiment flips bullish as $1M+ trades pile into longs.
- Options skew drops, signaling lower short-term market fear.
- Bitcoin (BTC) support at $108K strengthens as traders eye $113K level.
Bitcoin’s price structure is becoming bullish as institutional investors raise exposure and important indicators shift to positive zones. On-chain and derivatives data now indicate that big players are accumulating long positions in the expectation of additional profits. As the technical support is above $108,000, the market is inclined to the upward breakout.
Bitcoin Whale Sentiment Flips Bullish
The recent market action shows that whales are increasing exposure to Bitcoin since the open interest data is on the rise. The 7-day Open Interest Delta turned positive which indicates increased futures activity by large investors. The metric indicates that large investors have a lot of confidence in future price action above current support levels.
Source: Alphractal
Whale Position Sentiment also increased, which indicates accumulation via trades of more than $1 million in notional value. This indicator has been consistent with the price action of BTC in the past with a 93% correlation to substantial directional changes. The potential of a bullish momentum is increasing as whales add long positions.
Source: X
Technical analysts now point to the $108,000 zone as an important support area and a possible Last Point of Support. Btc has been rebounding off this region, which has strengthened it as buy pressure increases. Analysts believe that such a structure indicates that whales are positioning themselves strategically below major resistance areas.
Market analyst Joao Wedson said that the trend of liquidity hunting persists as large players take up sell orders at important price points. He recommended not to take short positions unless Bitcoin goes into a long period of consolidation. Wedson believes that a shift to $113,000 may take place in case the momentum continues.
Source: Glassnode
Whale metrics are good, but the sentiment in the options markets is mixed and less fearful short-term. The Bitcoin’s 25 Delta Skew decreased from 10% to below 3% which indicates a reduced panic in the 1-week horizon. In the meantime, 3-month and 6-month skews still indicate conservative sentiment from institutional traders.
Source: Santiment (X)
Funding rate analysis also shows a divergence in trends in major crypto assets as traders bet on ethereum instead of Bitcoin. According to Santiment data provided, most traders short Bitcoin and bet long on the price action of Ethereum. This imbalance can cause a short squeeze in case of a sharp rebound of Bitcoin.
Important Resistance Levels
If BTC breaks the current resistance, short positions could be liquidated, which will create increased buy pressure due to forced market exits. This possible short squeeze also supports the bullish scenario besides whale accumulation and stabilizing options data. Consequently, the long-term forecast is still bullish in the short-term.
Although derivatives remain cautious in the medium term, the overall mood is bullish in the short term. Furthermore, support above the $108,000 level increases confidence in long-biased positions of whales and large traders. If Bitcoin maintains this structure, the next rational target is close to $113,000.
