Bitcoin is struggling to maintain stability around the $70,000 level as persistent selling pressure continues to weigh on market sentiment. Repeated rejections near this psychological threshold have reinforced a cautious environment, with high volatility and traders closely monitoring liquidity conditions and macroeconomic signals. Although consolidation above key support levels can sometimes indicate resilience, the current price structure suggests a market still searching for direction after months of corrective momentum.
A recent on-chain analysis from Darkfost provides additional context regarding whale activity. The report notes that while inflows from large holders to exchanges have increased in recent weeks – often a sign of potential short-term selling pressure – the total supply held by whales has continued to increase overall. This distinction is important when evaluating a broader market structure.
FX flows typically capture immediate positioning behavior and may precede temporary price weakness. However, the chart referenced in the analysis focuses on the medium-term evolution of supply held by whales using a monthly average, thus providing a more structural perspective. From this perspective, continued growth in holdings suggests that large investors may still be accumulating despite continued volatility.
Whale Accumulation Returns as Large Holders Rebuild Their Bitcoin Positions
According to Darkfost, recent on-chain data suggests a notable change in the behavior of Bitcoin whales following the sharp contraction seen late last year. After the monthly average supply held by whales fell to almost -7% on December 15, the buildup appears to have resumed. Over the past month, holdings allocated to large investors have increased by around 3.4%, signaling renewed positioning despite continued market uncertainty.
This rebound results in an increase in whale-controlled supply from around 2.9 million BTC to over 3.1 million BTC. In absolute terms, this represents an accumulation of over 200,000 BTC over a relatively short period of time. Historically, movements of this magnitude have tended to coincide with transitional phases rather than immediate trend reversals.
A comparable wave of accumulation occurred during the April 2025 correction, when sustained whale buying helped absorb selling pressure and contributed to Bitcoin’s subsequent rally from around $76,000 to $126,000. Although past patterns do not guarantee repetition, the parallel provides useful context for interpreting current flows.
With Bitcoin still consolidating around 46% below its most recent all-time high, current price levels may be seen by large holders as relatively attractive. Darkfost cautions, however, that persistent selling pressure remains a dominant factor, meaning accumulation alone may not yet be enough to spark a decisive recovery.
Bitcoin Holds Fragile Support as Weekly Trend Weakens
Bitcoin price action on the weekly timeframe continues to reflect a structurally corrective phase following the rejection of late 2025 highs near $125,000. The chart shows a clear transition from a continued uptrend to a sustained downtrend, with lower highs forming since November, and the price recently crossed decisively below the 100-week moving average. This breakout typically signals weakening medium-term momentum and often precedes extended consolidation or further exploration of downside risks.
Currently, BTC is trading around the $67,000 area, which appears to be acting as a temporary stabilization zone after the sharp decline from the $90,000 to $95,000 range earlier this year. The 50-week moving average has reversed and now acts as dynamic resistance, while the 200-week moving average near the $50,000 region remains the main structural support level if selling pressure intensifies.
Volume spikes during the recent decline suggest forced deleveraging and defensive repositioning rather than gradual distribution. Historically, similar trends have marked transition phases between the end of bull cycles and the first periods of accumulation.
Featured image from ChatGPT, chart from TradingView.com
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