- Bitcoin price ends a 7-week consolidation within a symmetrical triangle pattern formation,
- Cryptocurrency analysts highlighted changes in the balance that initially seemed to indicate aggressive buying by large holders.
- The 200-day exponential moving average at $100,000 highlighted the major resistance to the current market rally.
Cryptocurrency pioneer Bitcoin rose 1.78% during Friday’s U.S. market hours to trade at $90,268. Buying pressure may have increased as a result of positive sentiment amid New Year’s celebrations. However, the latest on-chain data highlighted by cryptocurrency analysts shows that the price surge lacks whale accumulation, as other market observers have falsely claimed. Will Bitcoin price fall by $90,000 again?
BTC Whale Surge, Coinbase mistakenly claims to reshuffle 800,000 Bitcoins
The first 48 hours of 2026 were particularly bullish for the cryptocurrency market as Bitcoin rallied above $90,000. Amid this surge, some crypto enthusiasts embraced X (formerly Twitter) to highlight the whale’s accumulation.
Recent advances in interpreting data regarding Bitcoin have sparked debate among analysts. The person known as CryptoQuant’s Darkfost highlighted what appears to be a large purchase by a large holder, commonly referred to as a whale. However, this perception fails to capture important internal changes at major exchanges.
Coinbase recently moved nearly 800,000 BTC across its system. This operation was not as simple as a transfer, but rather a reorganization of unspent transaction outputs (UTXOs), which are basically bundles of Bitcoins from past transactions. This process affected multiple categories, including those related to long-term storage.
Specifically, the exchange combined small and large holdings. This meant breaking down UTXOs below 1,000 BTC and forming new UTXOs above it. Visual data makes this integration very clear.
Around November 23rd, a noticeable correction occurred in the holder group from the 22nd to the next day.
- Balances from 10 to 100 BTC decreased by 259,000 BTC.
- From 100 to 1,000 BTC, it fell by 417,000 BTC.
- Meanwhile, the 1,000-10,000 BTC range increased by 687,000 BTC.
These changes are category shifts, not new inflows or active purchases. Market observers point out that this has led to a major misreading of the signals.
Overall, other than these internal movements, there has been little change in trading and holding patterns. The larger ecosystem is relatively quiet for different segments.
Bitcoin price escapes the triangle with this breakout
Over the past seven weeks, Bitcoin price has stabilized within a narrow range surrounded by two converging trend lines. The lines as dynamic resistance and support revealed the formation of a classic continuation pattern called a symmetrical triangle.
The chart setup pushes the coin’s price to the peak of the triangle before giving a definitive breakout from either end. Today’s price increase has given buyers a decisive breakout from the top of the pattern.
The breakout, on the back of momentum indicator RSI soaring over 55%, highlighted the market’s bullish sentiment. If the breakout holds, Bitcoin price could rise nearly 11% and challenge the psychological level of $100,000.
If the market can break through this barrier, it would be an important signal indicating a change in the short-term trend.
BTC/USDT -1 day chart
Conversely, if Bitcoin price fails to sustain this breakout, sellers could push the price into the triangle range, prompting a further bearish breakdown.
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