Whales Accumulate Bitcoin (BTC), but $110,000 Might Have to Wait

Bitcoin (BTC) price reached the $100,000 milestone for the first time on December 4 and is up 128% in 2024. Despite this strong performance, BTC’s ADX of 15.8 suggests the current uptrend lacks significant strength, hinting at limited momentum behind recent price movements.

Meanwhile, the number of whale addresses holding at least 1,000 BTC, which dropped to its lowest level since August 2024 earlier this month, has started to rise again. While this renewed accumulation is a positive sign, the number of whales remains below levels seen in mid-November, leaving room for further recovery.

BTC Current Uptrend Isn’t That Strong

BTC ADX is currently at 15.8. On December 9, it was around 11, indicating very low trend strength. By December 11, it briefly climbed to 17 before settling at its current level. This gradual rise shows some improvement in momentum but remains relatively weak overall.

BTC ADX. Source: TradingView

ADX, or Average Directional Index, measures trend strength. Values below 20 suggest a weak or unclear trend, while readings above 25 indicate a strong trend. Bitcoin ADX of 15.8 shows that the current uptrend lacks conviction.

While BTC price has risen in the last 24 hours, the low ADX suggests the uptrend might struggle to sustain itself in the short term, leaving the price vulnerable to sideways movement or potential pullbacks.

Bitcoin Whales Started Accumulating Again

The number of addresses holding at least 1,000 BTC steadily declined from 2,089 on November 28 to 2,061 on December 6, marking the lowest level since August 2024. This drop indicated a period of distribution among Bitcoin whales, where larger holders appeared to be reducing their positions.

Such a decline often reflects cautious sentiment in the market, as these major players can significantly influence trends. Their actions are closely watched as they often precede shifts in market momentum, whether upward or downward.

Number of addresses holding at least 1,000 BTC. Source: Glassnode

Since December 6, this trend has reversed, with the number of whale addresses climbing back to 2,085. This resurgence suggests renewed accumulation and signals growing confidence among large BTC holders. While this is a bullish sign, it is important to note that the current figure still lags behind the levels seen in mid-November.

This indicates that while whales are re-entering the market, their overall activity hasn’t yet fully returned to the strength observed earlier, leaving room for further recovery.

BTC Price Prediction: Is $110,000 Possible In December?

Bitcoin price is currently moving between a resistance near $103,000 and a support close to $99,000. The shortest-term EMA line has crossed above another, signaling a potential bullish trend.

However, the narrow gap between the lines and a weak ADX suggest the uptrend lacks strength. This means the current price movement is not backed by significant momentum, leaving the trend vulnerable to changes.

BTC Price Analysis. Source: TradingView

If the uptrend strengthens, BTC price could retest $103,000 soon, with potential moves toward $105,000 and even $110,000. On the other hand, if the trend reverses and BTC fails to hold above $99,000, the next support could be around $93,500. A deeper decline might take it down to $88,700, marking its lowest price since mid-November.

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