Key Insights:
- Bitcoin bounces from $111K support, with traders eyeing $117K resistance as the next upside target.
- Satoshi-era whale sells 3,968 BTC worth $437M, buys 96,531 ETH valued at $443M.
- Whale accumulated 641,000 ETH ($2.94B) in one week, signaling sharp repositioning into Ethereum holdings.
Bitcoin has recovered from a recent decline after testing the support area near $110,700–$111,000. The daily chart shows a bounce from this level, often referred to by traders as a reclaim zone, where buyers stepped in to stabilize price action.
The move comes after a steady pullback from August’s peak, with Bitcoin now holding above the $111K mark. Market watchers note that this level will be important to sustain momentum for a possible continuation toward higher targets.
Analysts tracking the chart see the next resistance area around $117,000, a level that was previously tested in July. Price movement toward this point would represent the next logical target if upward momentum continues.
The broader trading range remains clear. Support is set near $96,100, while upper resistance is around $123,200. Current trading shows Bitcoin positioned in the middle of this channel. “$BTC reclaim done. $117K next,” TraderPA noted, suggesting that the reclaimed support strengthens the near-term outlook for a push toward $117K.
Whale Activity Shifts Toward Ethereum
On-chain data has also tracked large transactions tied to a Satoshi-era whale. The entity recently closed a 96,452 ETH long position, worth about $433 million, realizing a $2.6 million profit before moving into spot holdings.
Over the last 14 hours, the whale sold 3,968 BTC valued at $437 million and purchased 96,531 ETH worth around $443 million. Transfers included single transactions as large as 23,598 ETH ($105.26 million) and several others ranging from 3,000 ETH to 14,000 ETH.
Ethereum Accumulation Reaches Billions
In the past week, the same whale accumulated over 641,000 ETH, with a market value of approximately $2.94 billion. The activity represents a sharp reduction in BTC exposure while increasing Ethereum positions.
Records also confirm two BTC outflows of about 1,000 BTC each, valued above $100 million per transfer. This rapid repositioning highlights how large holders continue to adjust portfolios across the two leading digital assets.
Market Overview
At the time of writing, Bitcoin trades near $111,033 with a 24-hour trading volume of $38.7 billion. The price shows a 1% gain over the last 24 hours but is down 2% in the past week.
Traders are closely monitoring the $111K support level and the potential move toward $117K, while large whale activity continues to influence flows between BTC and ETH markets.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/bitcoin-recovery-sparks-bold-117k/