- Many large scale BTC holders moved their assets in the last 24 hours including $9 billion worth of BTC that had been idle for 14 years.
The downward pressure on Bitcoin price continues to mount, and it floats just above the $117k neckline as of this writing after completing the formation of a bearish double-top patter. After recording three successive daily losses, its clear that the crypto market bellwether has entered consolidation, and will need to stay above the neckline to prevent the onset of a bearish sentiment.
However, despite the recent weakness by the coin, this week also saw it register the second-highest price on record, just above the $120k mark. Institutional inflows have helped sustain a positive sentiment around Bitcoin, with record number of publicly traded companies currently holding the crypto coin. According to a Fidelity Digital Assets Research report released this week, the number of such companies holding 1,000 BTC or more has risen to 35 up from less than 24 in Q1 2025.
The Red Flags on Bitcoin Price
On the downside, Bitcoin’s Open Interest just rose to a new all-time high of $44.5 billion amid the declining price trajectory. That denotes increased leverage, which translates to a market include towards increased liquidations, which, in turn, could lead to a spike in volatility.
Notably, many large scale BTC holders moved their assets in the last 24 hours, including Galaxy Digital’s $1.18 billion worth of the coin and an early investor who sold 80K BTC worth $9 billion after holding it for 14 years. Also, the Bitcoin spot ETF market has indicated weakness in recent days, with three of the last five sessions ending in net outflows, compared to successive five-session gains prior to that. These developments could merge and bring headwinds to Bitcoin price in the coming week.
Bitcoin Price Prediction
The momentum on Bitcoin price signals control by the sellers if resistance persists at $118,000. Such momentum will likely see the first support established at $116,550. An extended control by the sellers will break below that level and could test $115,100.
Conversely, going above $118,000 will favour the buyers to take control. If that happens, the BTCUSD pair will likely rise further and encounter the first barrier at $119,220. The downside narrative will be invalid above that level, and the resulting momentum could push BTC higher and test $120,400.
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