Bitcoin Whales Buy 60K BTC, Price Hits $126K ATH

Bitcoin’s remarkable surge to $126,080 represents a 10% gain over the past week, with whale activity emerging as the primary catalyst. According to data from analyst Ali Martinez, wallets holding between 100 and 1,000 BTC accumulated over 60,000 coins in just seven days, bringing their total holdings to 5.11 million BTC. This substantial accumulation followed a period that began in August but peaked sharply in early October, coinciding with Bitcoin’s rise from $110,000 to over $124,000.

CryptoQuant data reveals a significant shift in market participation dynamics. The realized capitalization of ‘new whales’ has surged in recent weeks, indicating that recently active large holders are driving much of the current buying pressure. This pattern suggests newer market participants are playing a crucial role in the current price move, while older whales have remained mostly inactive. The clear correlation between whale accumulation and upward price movement underscores the continued influence of large holders on Bitcoin’s market structure.

Despite the apparent bullish momentum, concerning signals are emerging from both whale behavior and technical indicators. Data tracking the 30-day change in whale balances shows a significant outflow during the price rise to the $110,000–$120,000 range, representing the largest drop in whale holdings since January. Analyst Killa noted that ‘smart money is exiting, dumb money is entering,’ suggesting experienced holders may be taking profits while newer participants enter the market at elevated levels.

Technical analysis reveals additional reasons for caution. On the 4-hour timeframe, Bitcoin trades inside a rising wedge formation, pushing against resistance near $126,000. The Relative Strength Index (RSI) shows bearish divergence, with price making higher highs while the indicator makes lower highs—a classic signal of waning momentum. While open interest continues to increase, confirming higher activity in futures markets, and funding rates remain positive but not excessive, the tight trading range suggests a significant breakout or breakdown may be imminent.

Byzantine General summarized the technical tension, stating: ‘Hmmm… It needs to pump right now or we get a small correction I think.’ This sentiment reflects the market’s uncertainty about whether current price strength can sustain or if underlying distribution is occurring beneath the surface.

Analysts present conflicting views on Bitcoin’s immediate trajectory. Some, like Ted, identify $128,000 as the next key resistance level, suggesting that continued buying pressure could push prices toward this target. However, they also note growing sell-side liquidity below current levels, which could trigger a downward move before any further upside.

Rekt Capital offers a more optimistic perspective, suggesting that Bitcoin may have concluded its second correction in the current price cycle and could be entering a new stage of trend continuation. This view contrasts with the caution expressed by other analysts who point to the historical precedent: the last time whale holdings dropped this significantly in January, it was followed by a correction to $75,000.

With Bitcoin trading at $124,500 at press time and 24-hour trading volume exceeding $64 billion, the market remains highly active. The convergence of new whale accumulation, profit-taking by experienced holders, bearish technical signals, and growing futures market activity creates a complex landscape where both breakout and breakdown scenarios appear plausible. The coming trading sessions will likely provide clarity on whether the current whale-driven rally has staying power or if a meaningful correction is developing.