Bitcoin (BTC) whales scooped up 10,000 coins worth roughly $750 million over four days as the asset tests a critical technical level near $75,000.
Martinez Flags Key Resistance
Bitcoin has recovered over the past week, lifted in part by easing tensions on the U.S.-Iran front. The rally stalled near $76,000, leaving the price hovering just below a level analyst Ali Martinez calls a "make-or-break" point.
Martinez, who has 165,000 followers on X, said Bitcoin is testing the 100-day simple moving average as resistance for the third time in six months.
The first two rejections triggered corrections of 30% and 39%, he said.
A third failure, he warned, "would be a major structural failure" and could drag BTC toward the February low near $60,000 through a triple-top pattern.
A clean break above the level, by contrast, would open a path toward $80,000 to $84,000 and confirm that the "macro correction might be over," according to Martinez.
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Whales Signal Confidence
Other analysts note that Bitfinex whales have trimmed long futures positions, a move he reads as profit-taking rather than a bearish shift. They argue the setup is constructive because short positions remain scarce and high-leverage longs have not piled up, creating what he called a "very ideal situation" for further gains.
Spot whales are moving the other way. Martinez's data shows large holders bought 10,000 BTC in the past 96 hours, easing sell pressure and often nudging smaller traders to follow the so-called smart money.
Bitcoin has swung sharply this cycle, dropping from $116,000 to $80,000 after the October rejection at the 100-day average, then sliding again in January before stabilizing in recent weeks.
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