Bitcoin Price in Focus as Whales Transfer 1,220 BTC from Kraken

The crypto market is buzzing with recent Bitcoin whales transferring 1,220 tokens ($94.5 million worth) from Kraken to an unknown wallet. Such large transactions, often carried out by whales, tend to stir market speculation. These types of moves are known to precede sharp changes in Bitcoin’s price, which has lately been dancing around a key resistance level.

Most Holders Are Still in Profit

Contrary to what some may expect, the majority of Bitcoin holders are not in the red. According to the latest on-chain data, nearly 73.53% of Bitcoin addresses are currently in profit, while just 24.56% are at a loss. This means most investors bought Bitcoin at lower prices and are now sitting on gains.

The good news? There isn’t much pressure to sell right now. That offers a layer of psychological support, helping the Bitcoin price stay relatively stable. But if the price faces rejection at current levels, those with smaller gains may panic-sell, adding short-term pressure.

Can Bitcoin Hold $80K?

At the time of writing, the Bitcoin price is around $81,604, up 8% over the last 24 hours. The price remains still in low compared to January. However, it’s holding above yesterday’s fluctuation zone of $72,000 and $75,000, a region that has absorbed selling pressure in the past.

A decisive move above $83,878 could flip the trend and potentially push the Bitcoin price toward $96,000. Until then, the current downtrend remains in play, and a drop below support could trigger more selling.

Investors Still Holding Up the Sentiment

The Net Unrealized Profit/Loss (NUPL) stands at 0.43, with a 0.98% uptick in the last 24 hours. This suggests investors still have moderate profits and are not rushing for the exit. But the comfort zone is shrinking. If the Bitcoin price continues to move sideways or fails to break resistance, sentiment could shift quickly.

Investors who were hoping for a breakout may start to lose patience, and even a minor dip could lead to panic selling.

Network Activity Shows Mixed Signals

Looking at Bitcoin’s network data, the picture is a bit mixed. Active addresses have fallen by 8.78%, and zero-balance addresses dropped 14.16%, pointing to a dip in activity. On the bright side, new addresses are up 1.22%, hinting that fresh interest is returning to the market.

Historically, rising new addresses are a bullish sign. So, while current user activity has slowed, the foundation for future growth could be forming beneath the surface.

Final Thoughts

With over 70% of holders in profit, the Bitcoin price sitting above key support, and new users slowly stepping in, the market is showing signs of potential relief. But the resistance near $80,000 remains a tough barrier.

Unless bulls step in with strong momentum, rejection from this level could bring renewed selling pressure. For now, cautious optimism is the name of the game.