Bitcoin (BTC) Price Action Reveals an Opportunity for a Major Breakout as a Crypto Whale Shows Renewed Accumulation

The crypto market witnessed low volatility trading with intact overhead selling evidenced by BTC's high wick rejection candle.

The crypto market displayed minimal volatility in today’s trading session, remaining engrossed in overhead selling pressure as BTC experienced a high wick rejection candle.

While the panic surrounding Donald Trump’s 90-day suspension of reciprocal tariffs has subsided, several countries have yet to attain a fair trade with the United States, reinforcing the broader correction trend.

However, the Bitcoin price action reveals an opportunity for a major breakout as a crypto whale shows renewed accumulation.

On Thursday, the Bitcoin price witnessed a relief rally above $80,000 following Trump’s announcement, and market sentiment rebounded from extreme fear. The renewed recovery is gradually gaining momentum.

According to data from IntoTheBlock, over $467 million worth of BTC was withdrawn from exchanges yesterday. This move indicates that large investors are shifting their holdings away from centralized platforms.

Simultaneously, Lookonchain tracked a massive withdrawal of 3,374 BTC, valued at approximately $315 million, from major exchanges Kraken and Binance.

Such large volume buying indicates firm confidence by deep-pocketed investors in BTC’s future growth potential.

Since last week, the Bitcoin price has bounced from $74,568 to $84,584, registering a 13.4% growth. This upswing currently challenges the resistance trendline of a falling wedge pattern, which has been carrying BTC’s correction trend since early December 2024.

As the coin price faces risk for another reversal with today’s long-wick rejection candle at the resistance trendline, sellers could drive a nearly 20% fall to retest the lower support trendline at $67,127.

On the contrary, if the broader market recovers from tariff-driven selling pressure, the Bitcoin price breaches the overhead resistance as a signal to end the 120-day downtrend. With sustained buying, the post-breakout rally could push the asset 18% to reclaim the $100,000 psychological level, followed by a leap to a new high.