The Bitcoin price has concluded a seven-week period of consolidation, forming a symmetrical triangle pattern.
Crypto experts observed shifts in market balance that initially suggested aggressive buying by large holders.
The 200-day exponential moving average at $100,000 stands as a significant resistance level against the current upward momentum.
Bitcoin, the leading cryptocurrency, rose by 1.78% during Friday’s U.S. trading session to reach $90,268. This surge was likely fueled by positive sentiment surrounding New Year celebrations. However, recent on-chain data analyzed by crypto specialists indicates that this price increase is not supported by whale accumulation as some market commentators have claimed. The question remains: will Bitcoin fall below $90,000 once again?
Misinterpretation of Whale Activity Amid Coinbase’s Reorganization of 800,000 Bitcoins
The first two days of 2026 saw bullish activity in the crypto markets highlighted by Bitcoin’s rebound above $90K. During this rally, some enthusiasts took to X (formerly Twitter) to suggest heavy whale buying was underway.
However, new insights into Bitcoin data have sparked debate among analysts. CryptoQuant’s Darkfrost pointed out what appeared to be substantial purchases from large holders—whales—but this interpretation overlooks critical internal movements within a major exchange.
Coinbase recently transferred nearly 800,000 BTC internally—not simply moving coins but restructuring unspent transaction outputs (UTXOs), which represent clusters of bitcoins from previous transactions. This process impacted various categories including those related to long-term holdings.
The exchange consolidated smaller UTXOs into larger ones—breaking down units under 1,000 BTC and combining them into bigger chunks exceeding that amount. Visual evidence clearly shows this reclassification.
Around November 22-23 there were notable shifts across holder segments:
- Balances between 10 and 100 BTC decreased by approximately 259,000 BTC;
- The range from 100 to 1,000 BTC dropped about 417,000 BTC;
- Meanwhile holdings between 1,000 and10 ,000 BTC increased roughly by687 ,00BTC .
This reflects category changes rather than new inflows or aggressive acquisitions; thus many signals were misread due to these internal adjustments according to market watchers.
Apart from these internal restructurings , overall trading and holding patterns remain relatively stable with little significant movement across different sectors .
Bitcoin Breaks Out From Symmetrical Triangle Pattern
Over seven weeks , bitcoin ’ s price traded within tight bounds formed by converging trendlines creating a symmetrical triangle —a classic continuation formation .
This setup compresses prices toward an apex before triggering a breakout either upwards or downwards . Today ’ s rally pushed prices decisively above the upper boundary signaling bullish momentum .
Momentum indicators such as RSI climbing beyond55 % reinforce optimism among traders suggesting potential for an approximate11 % rise toward psychological resistance at$100 ,00 .0.
Breaking through$100K would mark an important shift in short-term trend dynamics .
If bitcoin fails sustain today ’ s breakout sellers may push it back inside the triangle pattern potentially causing bearish breakdown pressure.
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