Bitcoin remained relatively flat as the market dealt with mixed signals and uncertainties, including reports of Binance offloading Bitcoin and a dormant wallet moving 14,000 BTC.
Despite bearish signals, Bitcoin whales capitalized on the market dip by accumulating $3.8 billion worth of BTC, indicating ongoing interest from institutional investors and a decline in OTC desk balances.
Small traders have been exiting the market, leading to a drop in non-empty Bitcoin wallets, while Ethereum and XRP continue to see wallet growth. Historical trends suggest strong price performance after such retail exits.
Cautionary signals, including a significant resistance level and potential selling pressure from holders at breakeven, could impede Bitcoin's immediate recovery as it trades at $107,900.