Key Points:
Bitcoin's bullish sentiment has driven an intraday increase of 1.6% amid a new round of BTC sell-offs by whale entities.
Research shows that the market is in a comprehensive accumulation phase, with interest similar to the price recovery in April.
The price trend of BTC needs to avoid forming a "double top" at historical highs.
Bitcoin (BTC) broke through $113,000 on Thursday, with demand in the Asian market unaffected by the new whale sell-offs.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD rose 1.6% on the day, reaching a high of $113,365.
According to CoinGlass, approximately $40 million in crypto shorts were liquidated within four hours before the report, and there remains significant resistance above BTC.
Meanwhile, a Bitcoin "OG" whale has begun selling its holdings, transferring 250 BTC ($28.2 million) to the crypto exchange Binance. The analysis account Lookonchain on platform X recorded the transaction, noting that the address had sold 750 BTC the day before.
Whale distribution behavior typically involves Bitcoin that has been dormant for over ten years, which has previously triggered brief price declines for BTC.
Bitcoin OG "bc1qlf" just deposited another 250 $BTC($28.29M) to #Binance, with 3,000 $BTC($339M) left. https://t.co/92XAZMJQsp pic.twitter.com/fAugznA7gL
In response to the recent whale sell-offs, veteran market analyst Peter Brandt believes this reflects a typical "market top."
"This represents supply. Market tops are caused by supply or sell-offs," he wrote in part of a post on platform X on Wednesday.
Cointelegraph reports that not all Bitcoin investors are reassessing their market exposure.
Andre Dragosch, head of European research at crypto asset management firm Bitwise, pointed out that both retail and institutional accumulation has reached new highs since April, when Bitcoin briefly fell below the $75,000 mark.
"Such high levels of accumulation often signal the potential for a significant upward breakout," Dragosch summarized with Bitwise data.
Brandt also stated that BTC/USD needs to return to $117,500 to eliminate bearish trend reversal signals.
He believes that failure to achieve this would mean that recent historical highs could form a "double top," negating the price trend of the past seven weeks.
Before Wall Street opened, the Coinbase premium index issued a warning signal, indicating that Bitcoin bulls have not fully escaped risk.
On-chain analysis platform CryptoQuant shows that the premium was negative on Wednesday, indicating that U.S. demand has weakened after a strong start earlier in the week.
Related: Nvidia reports second-quarter financial results with a 56% surge in revenue.
Original: “Bitcoin (BTC) ignores new 'OG' whale selling, price hits $113,000”
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