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Profit-taking by large cryptocurrency wallets occurs at a time of growing BTC dominance, increasing institutional capital interest, and a chart movement similar to what preceded the early November rally, when Donald Trump won the U.S. presidential election. Despite the strengthening narrative of BTC as a store of value, the same Trump is putting Bitcoin’s resilience to the test, as the Republican insists on his tariff war while pressuring the Federal Reserve (Fed).
In brief
- Bitcoin’s current movement resembles the pattern seen before the last rally.
- Whales offload 50,000 BTC in 10 days, signaling profit-taking.
- The “digital gold” narrative gains strength alongside growing institutional investment.
- The Fed remains cautious, but trade war tensions sparked by Donald Trump still create uncertainty.
Whales may push bitcoin to $110,000, but the sea could become rough for BTC
Bitcoin was trading sideways around $96,400 amid optimistic projections but without a volatility catalyst. This is because the Federal Reserve (Fed) decided to keep the annual benchmark interest rate in the United States unchanged, disappointing bulls and bears alike.
On X this week, Ali Martinez signaled that the bitcoin rally may have been postponed by the unloading of large cryptocurrency wallets, a move that could trigger a buyback.
Whales unloaded about 50,000 #Bitcoin $BTC in the last 10 days. A clear signal of profit-taking at current levels.
Rekt Capital, for his part, believes that bitcoin’s market dominance could reach 71% in the coming months and favor the recovery of bitcoin’s all-time high of $110,000 before profit-taking through the altcoin buying season (altseason).
Bitcoin dominance has one last stage remaining in its macro uptrend on the way to 71% (red). Any drop to 64% would constitute a new test. A successful new test would allow the continuation of the final trend toward 71% (green box).
The expert also considered recent chart patterns that set Bitcoin toward targets reaching $110,000.
Digital gold
Rekt Capital’s analysis can be considered modest compared to a recent report released by Standard Chartered, which does not rule out the possibility of bitcoin reaching $120,000 in the first half of the year. In this case, the British bank works with liquidity outflows from the United States, partially towards BTC, seen as “digital gold.”
The document signed by the head of digital asset research, Geoffrey Kendrick, also highlighted accumulation by whales and net capital inflow to bitcoin-based exchange-traded funds (ETFs).
Obstacles in Bitcoin’s path
On the other side, Trump imposed this week a 100% tariff on films produced outside the United States. The measure, which caused market sourness, precedes the decision of the Federal Open Market Committee (FOMC), the decision-making body for the Fed’s interest rate, which may not necessarily represent a trigger for bitcoin’s rise and thus delay short-term optimistic forecasts. Moreover, BTC still faces the risk of being considered illegal in Europe.
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A versatile journalist who began his career in the exact sciences without ever leaving writing. He began his career in fiction, working in several editorial positions until he discovered the fascinating and revolutionary world of cryptocurrencies in 2020. Since then, blockchain and other technologies have been part of his daily routine, learning and contributing to this fascinating and transformative universe.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
