Bitcoin faces $120,000 resistance again! Whales are aggressively charging CEX, creating selling pressure, and key support becomes a watershed for bulls and bears | BTC price prediction

Bitcoin(BTC) attempted to breach the $120,000 mark again on July 29, reaching a peak of $119,760 before retreating. On-chain data shows a surge in deposit volumes from mainstream CEX whales recently, with a single-day cumulative deposit amount skyrocketing to $1.2 billion, triggering over $1.41 billion in long positions getting liquidated. If the short-term support at $115,000-$116,000 is lost, BTC may dip to the $110,000 level; conversely, if it can rebound strongly, there is still a possibility to explore $121,000 and set a new high.

Binance Whale Activity: Daily Deposits Surge by 1.2 Billion USD According to CryptoQuant analyst Boris Vest, Bitcoin whale activity on mainstream CEXs has significantly increased recently. The key metric "CEX Whale Deposit Volume" saw a notable peak on July 25, indicating that institutional-level funds are accelerating their inflow into exchanges.

Data shows that on July 25 alone, the CEX's 30-day cumulative deposit amount surged to 1.2 billion USD, intensifying short-term selling pressure in the market. The liquidation tracking platform CoinGlass confirmed that from July 24 to 25, approximately 1.41 billion USD in BTC long positions were liquidated due to price fluctuations.

It is worth noting that although retail deposit volumes have also shown an upward trend for several weeks, their scale is far lower than that of whales. This indicates that recent selling pressure is mainly driven by large holders. The surge in whale deposits coincided with Bitcoin's failure to break the key resistance level of $120,000, after which BTC fell back to the $115,000-$116,000 range in search of support.

Key Support Game: Determines BTC Short-Term Direction Analyst Boris Vest pointed out: "The $115,000-$116,000 area is forming a short-term support zone. If this range is lost, BTC may dip to the $110,000 level; conversely, if it can rebound strongly, there is still a chance to test the $121,000 resistance again, or even challenge the historical high." His conclusion emphasizes: The short-term trend of BTC depends on the market's ability to digest Whale sell-offs.

Another analyst, Titan of Crypto, added that if BTC can strongly break through the $119,900 level, it is expected to initiate a new upward trend and refresh the all-time high (ATH).

Exchange Data Hides Secrets: Reserves Increase, Trading Volume Rises Apart from Whale deposits, there are two other exchange data points that have drawn market attention:

1. Centralized exchange BTC reserves rise to a one-month high, suggesting that some holders expect the price to enter a brief correction or consolidation phase.
2. The market share of mainstream CEX spot trading has surged recently, which may indicate that a new round of Bitcoin price increase is brewing.

As of the time of writing, BTC is at $118,926, with a slight increase of 0.4% in 24 hours.

Conclusion: Bitcoin's attempt to reach $120,000 has failed, compounded by a Whale on Binance depositing $1.2 billion in a single day, putting short-term market sentiment under evident pressure. The $115,000-$116,000 support range has become a critical dividing line for long positions and short positions, and its loss or gain will determine whether BTC undergoes a deep correction or accumulates strength to break new highs. Investors need to closely monitor changes in exchange reserves, Whale address movements, and the liquidation risks in the derivatives market, as these factors will dominate Bitcoin's price trajectory in the next phase. Despite the correction pressure, the surge in spot trading volume on exchanges may indicate that buying interest is building.