- Bitcoin eyes $120K as $10B in short liquidations stack above price, creating pressure for an aggressive liquidity-driven breakout.
- Whale wallets added 240K BTC since late 2024, with holdings above 100 BTC rising from 16,100 to 18,200, signaling deep conviction.
- Bullish wedge breakout above $101K projects a $222K target, backed by strong volume, rising lows, and zero major resistance ahead.
Bitcoin is staging another liquidity-driven rally, pushing past $111K as short liquidations stack above. Simultaneously, whale wallets continue accumulating BTC at a pace not seen since 2020, underscoring intensifying market conviction at current levels.
Bitcoin’s surge from $38,000 in January to over $110,000 by May has left a visible trail of liquidated short positions. According to a post by Alphractal, “price is hunting bears, and it won’t stop until they’re fully liquidated,” with liquidation clusters now peaking near $120K across aggregated exchange data.
The most intense pressure is layered between $105K and $120K, where over $10 billion in resting orders could be swept. Heatmap data confirms a sharp transition in intensity beginning at $105K, indicating high-density order stacking just above current levels, an ideal target for momentum-driven moves.
Metrics from multiple exchanges reveal declining short interest since April, while long liquidations have thinned out below $ 90 K. This inversion of risk suggests continued bullish dominance as trapped shorts fuel upward volatility, consistent with the $5B rise in long liquidation potential since March.
Whale Accumulation Accelerates Ahead of $120K
As Bitcoin’s technical posture strengthens, large-holder activity is reinforcing the trend. Wallets holding over 100 BTC have increased from 16,100 to over 18,200 between late 2024 and May 2025, accumulating more than 240,000 BTC during this run.
This synchronized spike in wallet count and price, beginning in December 2024, suggests strategic positioning ahead of expected macro or institutional catalysts. Notably, whale address growth remained flat from early 2023 through mid-2024, but began accelerating in tandem with Bitcoin’s breakout from $ 40 K.
Unlike shallow distribution cycles of previous years, current accumulation reflects conviction-driven inflows. Even as BTC pierced $100K, address expansion continued, implying that major players are not just riding the wave; they’re preparing for another leg higher.
Chart Patterns and Price Targets Signal More Upside
The technical backdrop supports the accumulation thesis, with the chart structure pointing toward continuation. As shared by BitBull, Bitcoin broke above key resistance at $101,647, ending a descending wedge formed between February and April. The breakout target now sits at $222,224.
Currently trading at $111,088.50, price action shows strong adherence to the 21-day EMA while maintaining higher lows. No significant resistance is visible until $120K, and volume patterns reflect genuine follow-through, not speculative noise, driving the breakout.
With liquidation pressure stacked above, whales holding the line, and bullish chart structure confirmed, Bitcoin appears locked into an aggressive continuation phase that may test, and possibly redefine, market limits.
