News/NewsBTC/Bitcoin Whales Diversify Entry Prices Significantly – Confidence Rises at Higher Levels. The price of Bitcoin has sharply risen to $104,300, solidifying the upward trend and bolstering the bullish forecast that many experts predicted for 2025. This increase pushes BTC into the high-end range, with the next significant hurdle, the record high of $109,000, now clearly visible. The market’s robustness is due to strong technical performance and increasingly positive sentiment, with BTC leading the cryptocurrency rally and altcoins following closely.
CryptoQuant’s on-chain data lends more credence to the bullish narrative. A notable metric underscores the growing confidence among large investors: the absolute difference between the Realized Price of new and old whales is currently at $59.7K. Specifically, new whales have entered the market at an average price of $91.9K, while the basis for old whales remains at $32.2K. This equates to a 185% relative spread to the long-term holder (LTH) basis—a significant divergence.
This considerable gap indicates that a new group of high-conviction buyers is entering the market at substantially higher prices. Unlike the cautious whale accumulation during previous market lows, this phase demonstrates strong belief in continued upside, even at premium levels. It’s a clear indication that institutional FOMO may be taking hold.
Bitcoin is currently facing resistance around the $104,000 mark—a level that may require time to break as it represents a critical barrier before entering price discovery above the all-time high near $109,000. The recent rally has shown remarkable strength, but as BTC consolidates just below its ATH, some selling pressure is expected. A successful breakout could lead to a swift surge beyond $109K; however, failure to do so may result in short-term consolidation or retracement.
Top analyst Axel Adler shared key on-chain insights on X that highlight the evolving psychology of Bitcoin’s largest holders. According to Adler, the absolute difference between the Realized Price of new whales ($91.9K) and old whales ($32.2K) is $59.7K, representing a 185% relative spread to the long-term holder (LTH) basis. This sharp divergence reveals that new “whales” are entering the market at nearly three times the price of early entrants.
Bitcoin is trading around $103,000 after reaching a high of $104,300 earlier today. The 4-hour chart shows BTC facing resistance at the $103,600 level, which aligns with a key supply zone from late December 2024 and early January 2025. This area acted as a previous rejection point during the last major rally and is now being tested again as potential resistance.
If BTC manages to consolidate above $100K and maintain this level as new support, it would strengthen the case for continued upside. On the other hand, failure to break above $103,600 cleanly could lead to a short-term pullback. The market structure remains bullish overall, but this resistance zone will be critical in determining whether Bitcoin enters price discovery or pauses for accumulation.
