Bitcoin (BTC) Finds Stability Near $84,500 as Whales Show No Signs of Panic Selling

Bitcoin is finding stability around the $84,500 mark after a lengthy corrective phase. With whale behavior stabilizing, a major institutional long bet hitting the market, and key technical indicators shifting to bullish

Bitcoin price has been hovering around the $84,500 mark.

The crypto behemoth is now slowly showing signs of technical stability. A major institutional long bet is also on the horizon, and key technical indicators are shifting to bullish.

This is putting investors in a more optimistic mood.

However, some analysts are urging caution as historical patterns suggest that it might take months for a complete structural recovery.

What happened

As institutional interest in Bitcoin continues to grow, a new long-term futures contract has been spotted on Binance at an impressive size of 10,000 BTC.

This translates to a staggering value of over $84 million at current price levels.

The creation of this new futures contract is a significant event as it signals a major institutional investor is making a substantial commitment to a bullish presence in the Bitcoin market over the long term.

This is a vote of confidence in Bitcoin’s future potential.

Furthermore, recent on-chain data from Binance sheds light on the behavior of large Bitcoin holders, commonly known as whales, during this period of macroeconomic uncertainty.

According to analyst Darkfost, who specializes in on-chain analysis, there are two main indicators to consider when examining the activity of Binance whales.

The Exchange Whale Ratio on Binance is a measure of the balance between large buy and sell orders on the exchange.

It is a key indicator used to assess the strength of institutional interest and activity in specific cryptocurrencies.

In the case of Binance, the 365-day moving average of the Exchange Whale Ratio is on a consistent upward trend, which signifies that whales have a greater impact on Binance’s fund flows over more extended periods.

This finding suggests an underlying conviction among these major investors in the cryptocurrency.

On the other hand, the 30-day average of the same metric has been decreasing, returning to levels last seen in late 2024.

This short-term decline in activity indicates that these big players are pulling back on selling pressure.

To put things in perspective, total whale inflows into Binance have dropped by more than $3 billion, a move that echoes the behavior seen during previous Bitcoin corrections.

This analysis suggests that whales are not in a hurry to sell their coins and are instead choosing to sit back and observe the market trends more closely.

What does it mean for investors?

Bitcoin’s daily chart aligns with cautious optimism as it trades above the 0.618 Fibonacci retracement level from the local low of $74,434 to the high of $88,772.

Bitcoin is currently testing the 0.786 level of the Fibonacci. It is now trading above the 0.618 level of $83,195 and is testing the 0.786 level of $85,704.

The prior high of $88,772 is the immediate major resistance.

Should price break above $88,772, the next major target is the 1.618 Fibonacci extension of $97,633.

This is followed by possible moves to $111,971, $126,309, and even $135,170 in a sustained uptrend.

The MACD line has recently crossed above the signal line, and histogram bars are climbing into positive territory. This is a classic signal that buyers are regaining control.

Despite the improved technical and on-chain picture, some analysts advise patience.

According to analyst Kripto Mevsimi, historical patterns, particularly from the 2021 cycle, show that even when key metrics like demand or price start to bounce, a true structural recovery can take several months.

During previous cycles, demand metrics remained negative or hovered around zero for extended periods before any sustainable bullish trend emerged from new highs.

Although Bitcoin’s 30-day apparent demand shows a bounce, it might be reflecting temporary relief. It is not yet indicating confirmed accumulation or a definitive bottom.

Sustained buying volume and time are still needed to fully confirm a market turn.