Bitcoin Price Signals Suggest New Short-Term Focus as Whales Position Above $104K

Bitcoin (BTC) continues to dominate the crypto market, showing strong momentum as short positions worth over $600 million closed with prices surpassing $104,000. The data, coming from Binance derivatives, reflects increased bullish sentiment among traders.  

The BTC/USDT derivatives chart shared by analytics platform Skew highlights this trend. Traders who had bet against Bitcoin’s price saw their positions liquidated as BTC pushed higher, signaling growing confidence in the market. Analysts now look to identify short-term price targets that could become the next focal point for traders.  

Whales Suggest Potential Slowdown Near $150K

Looking at a longer-term perspective, popular analytics account Bitcoindata21 pointed to activity on the Kraken exchange, where whale traders are influencing market expectations. Whales, who hold significant amounts of Bitcoin, are placing sell orders in the $150,000 range, which could signal a future consolidation zone.  

“Kraken whales are starting to tell us where Bitcoin price is going to slow down in the coming months,” Bitcoindata21 stated on X. The platform noted that heavy sell orders in this price zone could mirror previous patterns where Bitcoin’s momentum slowed earlier this year.  

As more sell orders referred to as “stacked asks” accumulate around $150,000, traders believe this could temporarily cap Bitcoin’s upward movement, creating a period of consolidation.  

Altcoins Await Spotlight as Bitcoin Dominates  

Meanwhile, analysts predict a rotation of market focus toward altcoins once Bitcoin achieves key price milestones. Crypto trader Roman shared on X that Bitcoin’s potential climb to $120,000 or $130,000 could trigger an altcoin season, similar to what occurred when Bitcoin broke $40,000 in 2020.  

“Likely see liquidity start to rotate to $alts once $BTC breaks 120/130k,” Roman noted.  

Bitcoin lead gains among the top 10 cryptocurrencies by market capitalization, significantly outperforming most large-cap altcoins. While Ether (ETH) managed a modest 1.2% gain to trade near $3,950, other altcoins posted slight losses in US dollar terms.  

With Bitcoin maintaining its upward momentum and whales signaling consolidation ranges, traders remain focused on BTC’s short-term targets while keeping a close eye on the altcoin market for a potential breakout.