Bitcoin (BTC) onchain data shows BTC whales are active as the price attempts to extend its breakout from the $90,000 level.
Key takeaways
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Bitcoin whale spending surged to $286 million, the largest spike since early November.
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Momentum indicators are bullish, but volatility is likely this week.ย
Data from Capriole Investments indicated that OG Whale spent value, i.e., Bitcoin moved after remaining dormant for more than seven years, jumped to roughly $286 million on Jan. 10. This marked the strongest resurgence in old-coin activity since November 3, 2025, when the metric spiked near $570 million and coincided with BTCโs market correction.ย
While such movements often raise fears of distribution, the OG whale activity reflects strategic profit-taking rather than panic selling.ย
Despite this, onchain data suggested Bitcoin remained in a better position to absorb this supply. According to Glassnode, long-term holder distribution has decelerated sharply with net outflows rolling over from previously extreme levels, signaling that much of the overhead supply from older coins may already be worked through.
A recent report from Cointelegraph also highlighted multiple signals pointing to a slowdown in long-term selling pressure, which could lead to price expansion. Likewise, accumulator addresses, wallets that consistently buy without distributing, have continued to add BTC in 2026, amassing nearly 136,000 BTC in just 11 days this month.
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Bullish signals flash for BTC, but volatility remains in play
From a technical standpoint, Bitcoinโs momentum structure continues to improve. BTCโs 5-day MACD has flipped bullish, a setup last seen near the 2022 bear market bottom. Previously, this signal preceded a rally of more than 430%, noted by crypto commentator Myles G.
However, traders cautioned that near-term pullbacks remain part of Bitcoinโs price action. BTC trader Killa noted that for seven consecutive months, BTC has averaged a 5% dip below the 14th weekly open candle, a pattern that could briefly drag price toward the $86,000 to $87,000 zone.
Meanwhile, crypto analyst OSHO highlighted improving order book dynamics. Aggregated liquidity data shows buyers gaining the upper hand, with bid-side liquidity outweighing asks across spot and futures markets. Liquidity is also clustering between $89,200 and $89,700, setting a critical pivot after the New York session.
If demand holds, Bitcoinโs ability to absorb OG whale supply could still fuel a push toward the $100,000 psychological level. That move may first require a liquidity sweep below $89,000, with price acceptance in the $89,000 to $87,000 range acting as the key signal.
A strong rebound from that zone would indicate passive bids have been filled, opening the door to a $100,000 test as early as next week. Failure to do so increases the risk of a deeper pullback toward $86,000, with external liquidity near $84,000 as the longer-term target.
Related: Strategy makes biggest Bitcoin purchase since July 2025, adds $1.25B in BTC
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