Whales Take Profits as Analysts Warn of Short-Term Cooling
According to Maartunn, Bitcoin whales have been actively realizing profits over the past three days, signaling potential short-term caution across the market. His data shows that both new and old whale cohorts have engaged in heavy selling activity, locking in substantial gains as BTC reached new all-time highs.
The figures are notable:
October 1: New whales realized $167.6 million in profits, while old whales booked $53.2 million.
October 2: Profit-taking intensified with $242.6 million from new whales and $27.9 million from old whales.
October 3: The trend peaked, as new whales realized $277.9 million, while long-term holders added $68.9 million.
This sustained activity underscores a common pattern in Bitcoin bull cycles—where large investors take advantage of euphoric conditions to secure profits at local highs. While the broader market remains bullish, this level of distribution typically precedes a cooling phase or minor correction, as liquidity rotates and traders reassess short-term positioning.
Analysts are now watching for potential retracements toward key support zones around $117K–$115K, areas that could determine whether the current breakout evolves into a full continuation or stalls. Still, many agree that as long as Bitcoin holds above major moving averages, the long-term structure remains intact.
In essence, while whales are locking in profits, the broader uptrend shows resilience. The next few sessions will reveal whether this profit realization marks the beginning of consolidation—or just a brief pause before Bitcoin continues its march toward higher price discovery.
Bulls Defend Momentum Around $124K
Bitcoin is consolidating near $124,000 after an explosive rally that pushed prices to new all-time highs over the weekend. The chart shows BTC holding firmly above previous resistance levels around $117,500, now turned into solid support. This breakout confirms the market’s bullish structure, with higher highs and higher lows forming over the last few weeks.
The 50-day moving average (blue) has sharply turned upward, signaling renewed short-term strength, while the 200-day MA (red) continues trending positively, confirming a healthy long-term uptrend. Momentum remains strong as price action consolidates just below resistance at $125,000–$126,000, an area where sellers previously defended aggressively.
If Bitcoin holds above $122,000–$123,000, bulls could attempt another leg up toward $127,000 and potentially enter price discovery beyond that. However, a failure to sustain this range might trigger a pullback toward $120,000, where buyers will likely step in to maintain trend support.
Bitcoin’s technical outlook remains bullish, supported by high volume and strong market participation. As long as BTC holds above the key $117,500 support level, the broader trend points to further upside — with traders now watching whether bulls have enough momentum to push beyond the $125K barrier in the coming sessions.
Featured image from ChatGPT, chart from TradingView.com
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