As the price of Bitcoin hovers around $105,000, an interesting difference between institutional and retail behavior is showing up on the chain. This difference is known to indicate the beginning of significant bullish momentum. Wallets that contain 10 or more Bitcoin, which are commonly referred to as whales and sharks, have grown by 231 addresses in the last 10 days, representing a +0.15% increase.

Large holders who frequently act with insider knowledge and strategic intent appear to have regained their confidence and accumulation. On the other hand, during the same time period, smaller wallets that hold between 0.001 and 10 BTC have decreased by 37,465 addresses (-0.16%).

BTC/USDT Chart by TradingView

This decline is indicative of retail hesitancy, which is probably caused by range-bound price action and recent geopolitical unpredictability. A supply squeeze is typically the result of retail exits and whale accumulation. The price of Bitcoin frequently rises aggressively when there are fewer coins in circulation and the demand curve is improving, especially when fresh capital flows try to catch up.

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Technically speaking, the chart of Bitcoin shows a period of tight consolidation. Although the asset is still above its 50 EMA, it has formed a descending triangle pattern, indicating strong support in the $104,000-$103,000 range. It becomes more likely that Bitcoin will move quickly back toward its prior all-time highs if it breaks above the descending trendline, which is currently capping gains near $108,000.

Furthermore, the $104,300-$103,900 range's technical and psychological significance is still crucial. In addition, it has functioned as a bid liquidity zone and a local POC (Point of Control). By staying above this level, one can reduce the risk of a decline and bolster the notion of a base formation prior to a subsequent upward push.

Everything is in place for Bitcoin to make a significant move, perhaps even reaching a new all-time high in the upcoming months, with whales stacking sats and retail apparently stepping aside.

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