A major whale scooped up 15,000 BTC over a three-day span according to a report by 24/7 Wall St., capitalizing on the price dip while the market was still working its way out of pressure. The massive purchase accompanied Bitcoin’s price recovery to the $82,726-$82,800 range, after briefly tumbling to a weekly low of $80,400 earlier in the week.
Marathon Digital Holdings (MARA), however, took the opposite direction by selling $81 million worth of Bitcoin reserves into the open market. This divergence between investors absorbing coins and the mining firm offloading assets has kept a lid on the price recovery.
Two Opposing Directions
Marathon Digital’s sell-off was not the only supply weighing on the spot market. Spot Bitcoin ETF products on US exchanges logged net outflows of $678.9 million across five trading sessions from Oct. 5 to Oct. 9. This exodus of institutional capital underscores a divergence in signals: whales are actively accumulating coins, while ETF asset managers continue to shed holdings.
The institutional capital flight has also weighed on technical indicators. The daily Relative Strength Index (RSI) currently sits at 50.97, well below its prior average of 59.86. This drop in the RSI confirms that buying momentum is beginning to wane before prices can approach prior highs.
Defensive Line at $81,100
Price action now faces a dense resistance zone between $84,170 and $84,400. This technical boundary is formed by the convergence of the 100-period MA, the 50-period MA, and the Bollinger Band midline at $84,396. Without buying volume capable of breaking through that technical cluster, upside potential will remain capped.
On the downside, the market is relying on support at $81,771 guarded by the 4-hour 200-period MA, with the $81,100 level serving as a critical floor. Trader Lennaert Snyder views holding the $81,100 level as an absolute prerequisite to unlock a rebound scenario toward $87,000. If $81,100 breaks, Snyder warns that market attention will immediately shift to sub-$80,000 territory.
A Wait-and-See Approach for Traders
For day traders, this divergence in signals calls for caution rather than rushing to follow whale movements. Buying simply because large investors are stepping in carries its own risks, considering that $678.9 million in ETF outflows and miner selling by the likes of MARA prove selling pressure has yet to abate. Waiting for a decisive breakout above the $84,400 resistance or confirmed bounce above $81,100 offers a much more calculated decision than guessing direction amid conflicting currents.
Reported via 24/7 Wall St..
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
