BTC is stuck at key resistance, while whales are quietly building positions.

BTC is currently hovering around $112,500, why does it always struggle to break through? The on-chain data provides the answer.

Seller-controlled “Wall of Death”

$110,000-$112,500 this price range has been filled with 434,000 BTC, most of these holders bought in during the bear market, and now that they are about to break even, they are starting to place sell orders to dump. According to Glassnode's heat map, the selling pressure in this range is far beyond expectations, no wonder BTC has been getting pushed back down these past two days.

The technical aspect is also in alignment - the daily chart is exactly stuck on an important resistance line here, indicating that the “wall” at this position is not arbitrary.

But this time might be different

The good news is: The whales are back.

The number of large addresses holding 1,000 to 10,000 BTC has turned positive for the first time since the end of August, indicating that institutions are beginning to rebuild their positions. On-chain data shows that after reaching a bottom on October 27, the number of large addresses has been rebounding and has now returned to the levels seen on October 3.

Whales don't move for no reason, which usually means that the next wave of gains has already been set up.

What's the next step?

Key Position:

• Breakout at $112,590 = Confirmation of the breakout, target pointing to $116,400 (triggering reversal model)
• Above that are $122,000, $125,900, $130,800
• The RSI formed a bottom divergence from the 22nd to the 30th, indicating that a reversal is imminent.

Risk Level:

• Break below $106,200 = Reversal model invalidated
• Continued decline to $103,500 = complete reversal, sellers regain control

In simple terms: this position is a watershed, whales are stirring, it all depends on whether they can push past $112,500.