• Bitcoin approaches $108K resistance but fails to sustain a breakout, pulling back to around $107,100.
  • Glassnode data shows mixed investor sentiment, with smallholders distributing and mid-tier wallets accumulating.
  • Mega whales are lightly distributing, while 1,00010,000 BTC wallets show cautious accumulation.

Bitcoin is once again in the spotlight as the leading cryptocurrency edges closer to a major technical breakout. After enduring several weeks of price volatility driven by global macroeconomic pressures, Bitcoin is now staging a recovery, showing early signs of a bullish reversal. The asset is approaching a critical Fibonacci retracement level, which could serve as the launchpad for a significant rally, but investor sentiment remains far from unanimous.

Currently, Bitcoin is trading at $/107,058 with a 24-hour trading volume of $/28.16 billion and a market cap of $/2.13T. BTC price decreased 0.87% in the last 24 hours.

BTC 1D graph coinmarketcap 51 Source: CoinMarketCap

Technical indicators suggest that Bitcoin has formed a potential reversal pattern, attracting attention from both institutional and retail traders. As the price pushes toward the $108,000 resistance zone, market watchers are closely analyzing whether this momentum is sustainable or merely a temporary bounce. The key lies in understanding the behavior of BTC holders during this rally, and new on-chain data reveals a complex and somewhat conflicting picture.

According to the latest analysis from on-chain analytics firm Glassnode, the Bitcoin market is currently lacking a unified accumulation trend. The firms Accumulation Trend Score, a metric designed to track whether holders are accumulating or distributing their coins, indicates that different wallet cohorts are taking varied approaches to the current market conditions.

This metric considers wallet balances and changes in holdings to determine whether investors are buying more Bitcoin or offloading their assets. A score above 0.5 generally reflects net accumulation, with higher values closer to 1.0 suggesting stronger conviction in buying. Conversely, a score below 0.5 indicates distribution or hesitation in accumulating more Bitcoin.

Glassnodes recent report shows that wallets holding 1 to 10 BTC are largely in a distribution phase, suggesting that smaller investors are either taking profits or uncertain about the markets next move. Meanwhile, mid-sized holders with 10 to 100 BTC are in active accumulation, implying more optimism within this group.

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Among larger holders, those with 1,000 to 10,000 BTC, commonly known as whales, are leaning slightly toward accumulation, though not in a dominant way. Interestingly, the mega whales, or wallets with over 10,000 BTC, are showing signs of light distribution, possibly taking a more cautious approach as Bitcoin flirts with resistance.