Recent data from CryptoQuant has drawn attention to significant movements within the Bitcoin ecosystem, with signals from both whales and miners suggesting potential developments in the near term. According to the platform's analytics, large Bitcoin holders currently control a balance of 3.57 million BTC, nearing the peak of 3.74 million BTC recorded in early 2021. When large holders accumulate Bitcoin steadily, they function as substantial demand drivers, reducing the circulating supply and providing price stability. The ongoing increase in whale balances indicates that institutional and high-net-worth investors perceive dips as buying opportunities and expect upward price trends.

However, not all indicators are pointing upwards. The Hash Ribbons metric, which monitors miner stress, recently generated a buy signal, reflecting short-term volatility as miners encounter profitability challenges. This often results in some miners selling Bitcoin to maintain operations. Historically, such periods of short-term stress have preceded sustained rallies. When miners capitulate, it initially causes downward pressure on prices, but it ultimately purges weaker participants from the market and tightens supply.

Last week, Bitcoin experienced notable volatility, influenced by a highly publicized disagreement between Elon Musk and Donald Trump. This led to a brief dip below $101,000, triggering nearly $1 billion in liquidations. Despite this, Bitcoin rapidly rebounded to above $105,000, demonstrating persistent buying interest. Technical analysts remain optimistic, pointing out a \"cup-and-handle\" formation on Bitcoin's daily chart, which suggests a bullish breakout if prices exceed $108,000.

Institutional activity aligns with this bullish sentiment. Bitcoin futures open interest increased by over $2 billion in recent days, while funding rates remained low, creating favorable conditions for a potential short squeeze. For now, the data from whale accumulation and miner stress metrics define a clear trading range. Strong support exists between $100,000 and $102,000, meaning BTC is likely to retain its psychological $100,000 level even during short-term corrections. Meanwhile, resistance looms in the $108,000–$110,000 zone, and a breakout in this area could propel prices towards $120,000.

Traders should monitor key events closely, such as further miner selling, as these could swiftly impact price movements. Additionally, macroeconomic headlines involving the Federal Reserve and global trade dynamics are expected to sustain elevated volatility in the market.

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