The price of Bitcoin has moved sideways almost throughout December, causing frustration for both bullish and bearish sides. However, despite short-term volatility, the overall structure continues to move within a price range as the market approaches the end of the year.
Bitcoin has risen about 5% over the past 30 days, but in the past week, there has been almost no change, indicating hesitation. Nonetheless, recent on-chain data indicates that something is changing, especially in the spot market, as buying pressure rapidly increases, leading to the important question of whether this demand shift will help Bitcoin break through significant resistance in the near term.
Whales and outflows from exchanges indicate increased buying pressure.
There are two clear on-chain signals in the past few days: whale behavior and outflows from trading platforms.
Firstly, the number of holders with at least 1,000 BTC has started to increase again after a significant decline on December 17. This metric tracks large holders, often referred to as whales, and when this number increases, it indicates that major players are accumulating coins rather than selling them.
Since December 20, the number of large holders has consistently increased, although it remains slightly below the 6-month peak, but the trend is significant. Whales are cautiously increasing their holdings while BTC price stabilizes.
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Secondly, the net position change indicator of the trading platform clearly shows a surge in buying pressure, as this metric tracks how many coins are moved in and out of centralized exchanges. If more coins are moved out of exchanges, it often reflects that buyers are moving BTC to hold themselves, which immediately reduces selling pressure.
On December 19, the outflow of Bitcoin from exchanges was approximately 26,098 BTC, and by December 21, the outflow figure increased to 41,493 BTC, representing a net increase of 59% within just two days.
This gap is very important. Although whale accumulation is stable but not substantial, the outflow from exchanges is clearly accelerating, indicating that retail and medium-sized buyers are likely to enter the market alongside whales, increasing the overall demand for spot buying.
These signals together indicate that the demand for spot buying is increasing, even though the price has not yet broken through significant resistance.
Bitcoin price level that indicates the next direction.
However, the importance of buying pressure now also depends on Bitcoin's key price levels.
The most important resistance (wall) is around 89,250 USD, as this level has been a stopping point for the price increase since mid-December and corresponds with several failed attempts to rise higher. As long as Bitcoin cannot close above this level, the market remains within the same range.
But if buyers can reclaim at 89,250 USD, Bitcoin may try to rise to 96,700 USD, which is one of the strong resistance zones on the chart. This level has repeatedly rejected prices and will become an important test to face.
On the downside, the key short-term support remains at 87,590 USD. If it falls clearly below this, we will see 83,550 USD followed by increased risks towards 80,530 USD if selling pressure accelerates.
In summary, Bitcoin is currently being pressured to narrow down between increasing buying pressure and a strong resistance wall. Whales are cautiously adding to their holdings, outflows from exchanges are accelerating, and the price is approaching a decision point. The answer to whether the price will break up now depends on one factor: will this buying pressure overcome the 89,250 USD wall, or will the price continue to move within the same range until the new year?
