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The price of Bitcoin increased by about 2.8% in the last 24 hours and is trading near $92,500. The daily chart still shows an inverted shoulder and head structure that suggests $108,500, but every attempt to break this level has failed.
There are two obvious reasons why hacking continues to fail – and the good news is that both could change in Bitcoin’s favor.
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The stubborn level and weak whale support continue to hinder the movement
Bitcoin continues to be respected The inverted shoulder structure was formed on November 16. The structure remains valid, but the rock at $93,700 has rejected all discovery attempts so far. Until the price of Bitcoin closes above this line, the pattern cannot be activated.
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The second problem is the concentration of whales.
Entities holding at least 1,000 BTC have reduced their holdings since November 19. The index fell to a monthly low of 1,303 on December 3 and remains close to that level now. This has weakened any attempt to break through the resistance, because the group that usually confirms major clashes remains cautious.
A similar setup appeared between December 2nd and December 3rd.
The price of Bitcoin reached $93,400, but the number of whales decreased from 1,316 to 1,303. Immediately after, the price fell to $89,300, a decrease of about 4.4%.
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When the price rises and the whales reduce their exposure, the momentum often fades because the big buyers don’t support the move.
These two issues – the $93,700 barrier and the whale’s hesitation – explain why the BTC price rally continues to fail. Since neither problem is structural, both can still be fixed if conditions change.
Correctable Trajectory: Short Squeeze setup can help in Bitcoin price
The second half of the story seems more optimistic. Even without whale support, Bitcoin has a strong selling pressure setup that could force a breakout.
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Binance data shows that the total liquidation of leveraged short positions in the last 30 days was about $3.66 billion, compared to $2.22 billion on the leveraged buy side. The amount of short positions exceeds about 50% at most, creating pressure that could quickly reverse if the price of Bitcoin is pushed above $93,700 again.
This mechanism shows itself several times during this month.
Small price movements of 1-2% became stronger as short positions were liquidated.
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If Bitcoin closes the day clearly above $93,700, the pressure could build enough to break the barrier of $94,600, which is the next main gate. At that point, the presence of whales is no longer necessary to drive the movement. Momentum alone can push the price higher. When the moment comes, whales can feel more convinced to participate.
Above $93,700 and $94,600, a breakout path opens towards $105,200. Crossing this zone puts Bitcoin on the way to the full target set at $108,500, which means a gain of about 15.7% from the bottom.
The head and shoulders reversal pattern holds its validity above the $83,800 barrier. A drop below $80,500 invalidates the structure and increases the risk of a deeper correction if the whales continue to reduce their balances.
They currently describe the situation as there are two reasons that prevent a price explosion – the resistance line and the caution of the whales – which can still be faced if buyers press and break above $93,700 or if selling pressure takes over the market.
