Bitcoin (BTC) is once again flirting with the $110,000 level. That’s an increase of almost 4.5% over only the past seven days alone! This latest resurgence has investors and analysts spinning in place trying to keep up as the cryptocurrency continues to flirt with new all-time highs. Under the surface, the activity of Bitcoin whales suggests a brewing headwind. At first, whale wallets tanked. Recent standstill shows that these large holders are afraid to put more money in at price levels where they see the risk of downward movement as likely. Perhaps this pause is a portent of a longer consolidation or correction period for the original crypto.

Whale Wallet Growth Stalls

In fact, between May 28 and June 4, the number of Bitcoin whale wallets holding between 1,000 and 10,000 BTC increased considerably. It increased from 2,002 to 2,017 in that time. The latest spike in Bitcoin whale wallets was a positive sign for accumulation. It does seem like the numbers have stabilized the past week or so. They’re currently on the old size between 2,013 and 2,016, with today’s number at 2,013.

Following Bitcoin whales is extremely important as their movements are often followed by large price movements. This stagnation may be indicative of hesitance from the whales to deploy any additional capital at the current price levels. This might be a sign of thinking Bitcoin is too high right now or just a smart wait and see before jumping into the market.

Technical Indicators Show Bullish Bias

As fragile as the whale’s behavior may be, technical indicators are tilted toward a continued bullish bias for Bitcoin. As of press time, the price of Bitcoin has stayed above this mark for the last four days. The blue line, called the Tenkan-sen, is above the red line, or Kijun-sen. This positioning suggests that short-term momentum is stronger than the mid-term trend.

Furthermore, the green lagging span (Chikou Span) is located above the price/cloud and confirming the bullish sentiment. These indicators, when analyzed together, depict a scenario of overall market strength in the Bitcoin arena.

Potential Correction Phase

Despite the positive indicators, risks remain. BTC’s potential correction phase Bitcoin might start a downward correction if the support around the $108,000 level doesn’t hold. A close below the $106,700 area would trigger a larger correction.

Further potential targets in a more intense downtrend are the $103,000 and $100,400 areas. Any drop below the Tenkan-sen should be cause for concern, as such a move would likely indicate a bust of momentum.