Bitcoin rebounded 8.7% to $107,500 after hitting a four-month low of $98,900, with whales accumulating 45,000 BTC, but long-term holders continue to sell. Sell pressure at $106,000 could halt the bulls’ momentum. Whales moved large sums to exchanges, impacting Bitcoin’s confidence. Resistance remains strong above $106,000.

Whales are accumulating Bitcoin, but a resistance level at $106,000 is hindering a bull market comeback. Investors hold 417,750 BTC in the $106,000-$107,200 range, creating a resistance zone. Breaking $107,000 is crucial for a sustained rally to target highs above $110,000. Analysts emphasize the need for renewed demand to overcome resistance levels.

Read more at Cointelegraph: Bitcoin’s Second-Biggest Whale Accumulation Fails to Crack $106K Barrier