Satoshi’s Whales Wreak Havoc on Bitcoin: Will the Bulls Survive?

Oh no, you won’t believe what happened to Bitcoin (BTC)! It tried to rally towards its all-time high, but then, *poof*! It got rejected by two subtle and important resistances in the past 24-hours. 😱

According to crypto data provided by Coingecko and TradingView, BTC price dropped 2.2 percent in the past 24 hours to trade at about $107,477 on Friday, July 4 during the mid-North American trading session. πŸ“‰

Why Bitcoin Price Dropped Today

Bitcoin price experienced choppy volatility on Friday majorly caused by the re-awakening of the Satoshi-era whales. According to on-chain data analysis, Satoshi-era whales moved more than $8 billion in BTC in the past 24 hours. πŸ³πŸ’Έ

Largest one-day move of 10-year-old Bitcoin ever.

50,000 BTC shifted today, topping the previous daily high of 3.7K BTC for this age band.

Some coins trace back to early miner block rewards.

β€” CryptoQuant.com (@cryptoquant_com) July 4, 2025

The re-awakening of the old whales amid low demand, as Coinpedia reported, spelled bearish sentiment. Meanwhile, BTC price has suffered midterm bearish sentiment fueled by low speculative interest.

β€œThe momentum of exchange volume has declined since early June, with the monthly average falling to $5.9B, about 7 percent above the yearly average of $5.5 billion,” Glassnode noted. πŸ“‰

Midterm Expectations for BTC Price

In the weekly timeframe, BTC price has been retesting the resistance level around $109,396 since December 2024. Although the weekly Relative Strength Index (RSI) has been forming a bearish divergence, the odds of a bullish breakout cannot be overlooked. 🀞

Furthermore, BTC price could be forming a cup and handle pattern in the weekly timeframe, thus a breakout towards a new all-time high on the horizon. πŸ†

In the daily timeframe, BTC price has been forming a falling trend, characterized by lower lows and lower highs. With the daily MACD indicator signaling declining bullish momentum, a potential retrace towards the lower border of the falling trend, below $101k seems likely. πŸ“‰

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2025-07-05 00:07