Bitcoin Price Faces Critical $106K Resistance as Whale Accumulation and On-Chain Signals Shift Trader Focus Away from Halving

Bitcoin’s price action is currently shaped by significant whale accumulation and the emergence of short-term holder resistance at the $106,200 level, overtaking the historic focus on the halving narrative. Whale inflows have surged by over 250% while outflows dropped by more than 50%, signaling growing confidence at the $105,606 price zone. This wave of accumulation forms substantial support, as traders turn their attention to real-time on-chain activity such as inflow/outflow dynamics and key psychological levels. Meanwhile, the Network Value to Transactions (NVT) ratio has soared 55% to 49.47, suggesting potential overvaluation and reduced organic network usage. Traditional predictive models like Stock-to-Flow have seen their influence decline by 25%, reinforcing the market’s pivot toward immediate on-chain signals. Technical indicators, including a weakening MACD at the $106,200 resistance, point to dwindling momentum and heighten the risk of a correction toward the $97,500 support if bullish energy wanes. However, if whale accumulation persists and NVT stabilizes, Bitcoin could break above the current resistance, targeting $110,000. The evolving landscape now underscores whale activity, support/resistance clusters, and real-time liquidity flows as pivotal for BTC price direction, minimizing the impact of past halving events.