Key points:
-
Bitcoin could rally to $115,000 and then to $120,000, but the upside looks capped in the near term if the whales continue to sell.
-
Select altcoins look strong and ready to break above their overhead resistance levels.
Bitcoin (BTC) started the new week on a positive note with buyers attempting to sustain the price above $112,500, but the bears are unlikely to give up easily.
Market participants will have to keep a close watch on the whale activity in the next few days. According to CryptoQuant data, whales have sold 114,920 BTC over the past month, the largest whale sell-off since July 2022. Analysts believe continued selling by the whales could cap BTC’s up move for the next few weeks.
On the downside, traders are closely watching the $100,000 level. Popular trader ZYN said in a post on X that BTC had bottomed at the 0.382 Fibonacci retracement level in Q3 2024 and Q2 2025 and that may happen again. ZYN expects the…
