Bitcoin Pullback Intensifies as $105K Support Zone Comes Under Pressure
Bitcoin has failed in its latest bid for a new all-time high and slid to a weekly low of $110,820 on Binance, entering a clear pullback phase. CryptoQuant data shows large BTC holders (whales) moving into distribution, while smaller and mid-sized wallets increase accumulation, underscoring mixed market sentiment. Wallets with 100–1,000 BTC demonstrate indecision around the critical $105,000 support, a level whose decisive break could trigger broader market fear. The CryptoQuant Bull Score has dipped to neutral and must climb above $112,000 to avoid deeper correction. Despite current downward pressure, some analysts maintain Bitcoin’s longer-term path toward $183,000 remains intact. At press time, BTC trades at $111,349, down 2.7% over 24 hours.
Bearish
The predominance of whale distribution and Bitcoin’s failure to sustain new highs signals rising correction risks. Historical pullbacks, such as after the April 2021 peak, show that decisive breaks below key support zones—like the current $105,000 level—can catalyze accelerated sell-offs. Although retail and mid-sized holders are accumulating, their buying power is unlikely to offset large-scale whale selling in the short term. This mixed on-chain data and a neutral CryptoQuant Bull Score suggest continued downward pressure in the near term, making the outlook bearish until BTC reclaims $112,000 and reestablishes bullish momentum.