Bitcoin Consolidates at $90K: Whale Accumulation Meets Moderate Bear Phase

Source: CryptoNewsNet Original Title: Bitcoin price movements as whale soaks up BTC at $90k — can price finally break higher? Original Link:

Market Overview

Bitcoin price continues to face resistance around the $90,000 level, while a large-scale buyer has reportedly increased purchasing activity. According to statements from a cryptocurrency industry executive, a whale is purchasing approximately 450 Bitcoin per day at current price levels, matching the amount of Bitcoin mined globally each day. The buyer initially acquired 300 Bitcoin daily but increased to 450 per day.

Whale Accumulation Signals

Data from analytics firm Santiment showed that Bitcoin whales and sharks—wallets holding between 10 and 10,000 Bitcoin—added 36,322 Bitcoin over a nine-day period despite weak market sentiment. This sustained accumulation by large holders suggests confidence in current price levels.

On-Chain Analysis: Moderate Bear Phase

Analytics firm Glassnode characterized Bitcoin as remaining in a moderate bear phase bounded by specific price levels tied to cost-basis behavior. The firm identified a market mean as downside support and a short-term holder cost basis as upside resistance, with a dense supply zone above $98,000–$100,000.

Glassnode stated that the recent rally partially filled an “air gap” between previously high price ranges, indicating that supply previously held by earlier buyers had been redistributed to newer market participants. The firm reported observing a wide and dense supply zone above the current threshold that has been gradually maturing into the long-term holder cohort.

According to Glassnode’s analysis, realized losses have been dominated by the three- to six-month holder cohort, with additional contributions from six- to twelve-month holders. This pattern reflects selling by investors who accumulated near recent price peaks and are now exiting as the price revisits their entry range.

Derivatives Market Structure

In derivatives markets, Glassnode noted that dealer gamma positioning has skewed lower, with market participants bidding for downside protection. This leaves dealers short gamma below $90,000 and long gamma above it. The derivatives market appears disengaged, with futures participation thin and price movements occurring without meaningful volume expansion. Options markets are pricing risk primarily at the front end, with short-term implied volatility reacting more than longer-dated measures.

Trading data showed that margin long positions have been declining from recent peaks, then increased slightly during the recent price decline, signaling renewed buying activity on price dips in the short term. However, the broader trend over the past month remains downward.

Price Levels and Outlook

Bitcoin is currently trading just under the $90,000 level after a brief dip to around $88,000, with nearby resistance stacked at $90,000–$93,400 and major support in the $84,000–$88,000 area.

Over the next 3–6 months, a reasonable base-case is a broad, violent range rather than a clean trend, with most analysts expecting a range of $80,000–$110,000 as institutions continue to accumulate on dips via ETFs while macro factors periodically force sharp liquidations.

On the bullish side, post-halving cycle dynamics and growing institutional liquidity make a retest of the prior $108,000 peak and a push into the low six figures plausible if global risk sentiment stabilizes and U.S. rate cuts materialize. On the bearish side, a sustained break below $80,000 would likely signal that this cycle’s blow-off already printed and open room toward the mid-$60,000s, especially if macro tightening resumes or regulatory shocks hit spot ETFs.