Bitcoin Eyes $108K Breakout as Accumulation Sends Mixed Signals

Bitcoin teeters on the edge of a historic milestone—flirting with the $108,000 resistance level while investors can't decide whether to HODL or fold.

### The Bull vs. Bear Tug-of-War

Whales keep stacking sats, but retail traders hesitate—classic crypto whiplash as the market oscillates between euphoria and 'wait for the dip.' Meanwhile, Wall Street hedges with Bitcoin ETFs while still shorting it on legacy exchanges (because why pick a side when you can profit from volatility?).

### The $108K Gambit

Every resistance breach starts as a 'maybe.' This one's got traders glued to charts, watching for that decisive candle close above six figures. Technicals scream breakout; fundamentals whisper 'macro risks ahead.'

### The Punchline

Whether this pumps or dumps, one truth remains: in crypto, 'mixed signals' just means everyone's waiting for someone else to blink first. And as always—the house (read: exchanges) wins either way.

• Bitcoin approaches $108K resistance but fails to sustain a breakout, pulling back to around $107,100.
• Glassnode data shows mixed investor sentiment, with smallholders distributing and mid-tier wallets accumulating.
• Mega whales are lightly distributing, while 1,000–10,000 BTC wallets show cautious accumulation.

Bitcoin is once again in the spotlight as the leading cryptocurrency edges closer to a major technical breakout. After enduring several weeks of price volatility driven by global macroeconomic pressures, Bitcoin is now staging a recovery, showing early signs of a bullish reversal. The asset is approaching a critical Fibonacci retracement level, which could serve as the launchpad for a significant rally, but investor sentiment remains far from unanimous.

Currently, Bitcoin is trading at $ 107,058 with a 24-hour trading volume of $ 28.16 billion and a market cap of $ 2.13T. BTC price decreased 0.87% in the last 24 hours.

Technical indicators suggest that Bitcoin has formed a potential reversal pattern, attracting attention from both institutional and retail traders. As the price pushes toward the $108,000 resistance zone, market watchers are closely analyzing whether this momentum is sustainable or merely a temporary bounce. The key lies in understanding the behavior of BTC holders during this rally, and new on-chain data reveals a complex and somewhat conflicting picture.

According to the latest analysis from on-chain analytics firm Glassnode, the bitcoin market is currently lacking a unified accumulation trend. The firm’s Accumulation Trend Score, a metric designed to track whether holders are accumulating or distributing their coins, indicates that different wallet cohorts are taking varied approaches to the current market conditions.

This metric considers wallet balances and changes in holdings to determine whether investors are buying more Bitcoin or offloading their assets. A score above 0.5 generally reflects net accumulation, with higher values closer to 1.0 suggesting stronger conviction in buying. Conversely, a score below 0.5 indicates distribution or hesitation in accumulating more Bitcoin.

Bitcoin Wallets Holding 1–10 BTC Shift to Distribution Mode

Glassnode’s recent report shows that wallets holding 1 to 10 BTC are largely in a distribution phase, suggesting that smaller investors are either taking profits or uncertain about the market’s next move. Meanwhile, mid-sized holders with 10 to 100 BTC are in active accumulation, implying more Optimism within this group.

As $BTC attempts to reclaim $108K, the Accumulation Trend Score shows no unified cohort behavior. 1–10 #BTC wallets continue distributing, while 10–100 $BTC are net accumulators. Others show mixed signals, though the overall score has rebounded from 0.25 to 0.57 pic.twitter.com/qAivkvziK3

Also Read: Bitcoin Miners Earn Just $34 Million Daily in June’s Worst Revenue Slump

Among larger holders, those with 1,000 to 10,000 BTC, commonly known as whales, are leaning slightly toward accumulation, though not in a dominant way. Interestingly, the mega whales, or wallets with over 10,000 BTC, are showing signs of light distribution, possibly taking a more cautious approach as Bitcoin flirts with resistance.

Whales holding >10K $BTC maintain a strong accumulation trend (~0.7), continuing to lead the market. Smaller cohorts – from — glassnode (@glassnode) April 18, 2025

The overall network-wide Accumulation Trend Score currently stands at 0.57, which reflects mild net accumulation. While this represents a rebound from a recent low of 0.25, it still falls short of signaling strong unified buying pressure, something that typically fuels extended bullish trends.

The price action reinforces this uncertainty. Despite reaching $108,000 earlier, Bitcoin faced immediate rejection and dropped back to around $107,100. Its failed breakout attempt suggests that, while technical momentum is building, it lacks the full support of market participants.

Also Read | Whales Accumulate Bitcoin as $108K Support Holds, Is the Next Stop $113K?