Pearl
Bitway
Zcash
Walrus
Aerodrome Finance
Starknet
NEAR Protocol
Key Highlights:
- Whale sentiment drops as BTC nears $95K, signaling increased short positions.
- The futures market shows weakening bullish momentum since April 21.
- Miners sold 943 BTC worth $850M, adding supply pressure to the market.
Major market players have taken cautious moves after the Bitcoin price rally to $95K. Futures market enthusiasm is fading, reflecting reduced investor confidence.
Large holders are closing long positions and shifting to shorts, signaling declining whale sentiment. Miners are also selling into the strength at the same time.
Whales Begin Reducing Long Positions as Bitcoin Trades Near $95K
As BTC price hovers near the $95,000 mark, Bitcoin whales are beginning to change their stance. Alphractal’s Whale Position Sentiment indicator revealed a decline in whale long positions.
This metric monitors open interest across major exchanges. It also tracks large trades exceeding $1 Million, offering insights into market activity.
Even as prices rose to new local highs in late April 2025, the sentiment value dropped from a high of around 1.2 to near 0.8. This metric has historically correlated 93% with BTC price movements.
If the indicator falls while the prices rise, it usually indicates that large players are opening short positions. This pattern has preceded short-term corrections in past cycles.
This suggests that large holders are locking in profits or are expecting a pullback. If the sentiment trend continues and falls below 0.6, traders can anticipate more selling pressure in the market.
Price Rally Doesn’t Help Futures Sentiment
Additional data from CryptoQuant backs up this cautious outlook. Bullish momentum in the futures market faded after April 23, as evidenced by the Bitcoin Futures Composite Sentiment Index.
Before that, the index spiked several times, in sync with big moves that were higher in the spot price. For instance, the index climbed above 3.0 on April 21 and April 22, when BTC jumped from $84,000 to $95,000.
But since April 26, the index has been below 0.5 and has wandered around neutral territory. This means futures traders are becoming more hesitant.
Despite holding above $93,000, the spot price faces resistance from weak futures support. This could limit further upward movement and stall potential gains.
The report also stated that short-term holders (STHs) are locking in profits at their realized price level. The weakening sentiment has been added to this selling pressure as prices approach key resistance.
As prices continue to rise, miners are selling over 900 Bitcoin
At the same time, BTC miners have joined in to take profits during the price surge. CryptoQuant says that miners sold 943 BTC between April 16 and April 27.
That’s worth about $850 Million at current market rates. Bitcoin price rose from $84,000 to over $93,000.
The Miner Reserve chart shows that it decreased from 1,808,999 BTC on April 16 to 1,808,065 BTC on April 28. This reduction in reserves is usually a result of miners cashing out to pay for operational costs or to book profits.
Miner selling is typical after price increases. However, the drop in reserves during a rally implies that some miners may be wary of future volatility. If this trend continues, it will put short-term supply pressure on the market.
RSI Drops as Price Faces Resistance
According to technical analysis on TradingView, BTC has tested the $95,472 resistance level three times without breaking through. This has created a triple top pattern, and a failure of a breach can indicate a reversal.
The Relative Strength Index (RSI) on the 4-hour chart falls simultaneously. The momentum weakened as it fell from above 70 to around 48.66 as of April 30. Bitcoin price is below the Alligator indicator’s green moving average line, an early sign of consolidation or correction.
If BTC cannot hold minor support at $92,080, the next key level is around $87,570. The previous accumulation occurred in this area and has been marked as an order block. A break below that zone could see more downside pressure.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
