the Bitcoin market is demonstrating remarkable resilience. Despite a massive influx of short-selling, the price has held key support levels, largely thanks to substantial buying from large institutional players and whales, setting the stage for a potential technical rebound.
A Show of Strength Amid Selling Pressure
The market recently witnessed a formidable test as short-term selling pressure surged dramatically. However, this selling was met with even greater demand from large holders. On-chain data reveals that between November 6th and 10th, an estimated 26,000 BTC were absorbed by these entities. This absorption, valued at approximately $2.7 billion, acted as a powerful counterforce, stabilizing the price action during a period of stress and preventing a more severe downturn.
This resilience is further underscored by activity in the derivatives market. While a single whale faces potential liquidation on a $131 million short position if Bitcoin reaches $111,770, the broader market has already seen significant liquidations. Recent rallies forced the closure of $343.89 million in positions over 24 hours, with shorts accounting for 75% of that total. This flushing out of leveraged positions has helped clean up market excesses, creating a healthier foundation for a potential move upward.
Institutional Demand Anchors the Market
A key pillar of the current market stability is the consistent and substantial demand from institutional channels. Spot Bitcoin ETFs have played a crucial role, with significant one-day inflows, such as a $477 million injection, providing a steady source of buying pressure that offsets retail and short-term trader selling. This institutional participation adds a layer of depth to the market that was absent in previous cycles.
The commitment of large, long-term focused entities is also evident in the behavior of corporate treasuries. Firms continue to execute strategies of accumulating Bitcoin as a primary treasury asset, with one company’s holdings growing to a staggering 638,985 BTC. This “hodling” mentality among institutions reduces the available liquid supply, making the market more resistant to sell-offs and turning Bitcoin into a increasingly scarce asset on the open market.
The Path of Least Resistance
From a technical perspective, the market is at a critical juncture. The price has found a reliable support base in the $106,000–$107,000 area, a zone that has been vigorously defended by buyers. The immediate challenge for bulls is the nearby resistance band between $110,000 and $112,500, a level where a significant amount of Bitcoin was previously accumulated and which now represents a technical and psychological hurdle.
For traders and treasury managers, the immediate outlook hinges on whether the institutional and whale demand that provided such strong absorption can persist. A confirmed and sustained break above the $112,500 resistance, particularly on high volume, would be a strong technical signal that the rebound is gaining momentum and could aim for higher grounds. The market will be closely watching the evolution of spot ETF flows and on-chain movements in the coming days for confirmation.
