Bitcoin Whale Entry Prices Diverge Sharply – Confidence Builds At Higher Levels

Bitcoin has surged to $104,300, confirming the uptrend and reinforcing the bullish outlook for 2025. The move places BTC deep into range-highs territory, with the next major challenge being the all-time high at $109,000. The market's strength comes from strong technical performance and increasingly optimistic sentiment, with BTC leading the crypto rally and altcoins following suit. On-chain data from CryptoQuant adds weight to the bullish narrative, highlighting the growing confidence among large holders. The absolute difference between the Realized Price of new whales and old whales stands at $59.7K, signaling a new wave of high-conviction buyers entering the market at significantly elevated prices. This wide gap translates to a 185% relative spread to the long-term holder basis, a clear sign that institutional FOMO may be kicking in. Bitcoin is currently encountering resistance around the $104,000 mark, which may take time to break before entering price discovery above the all-time high near $109,000. A successful breakout could lead to a swift surge beyond $109K, but failure to do so may result in short-term consolidation or retracement. The market is entering a more aggressive accumulation phase, where belief in higher prices is driving demand despite the premium. If bulls manage to absorb the resistance around $104K, it could mark the start of a parabolic move fueled by conviction from both retail and institutional players betting on a new Bitcoin all-time high.