Whales are going long on Bitcoin, can BTC surge to $110k?

Several whales are deploying millions of funds into Bitcoin long positions on Hyperliquid as the asset sees slight gains. Will it be enough to catapult BTC back to the $110,000 level? Summary Whales deploy millions into USDC to open large leveraged long positions on Bitcoin, signaling growing bullish sentiment as long positions now dominate 51.98% of the market. Bitcoin is consolidating around $108,200 below its 30-day moving average, and sustained whale accumulation could trigger a breakout toward the $115,000–$118,000 resistance range. On Oct. 22, Lookonchain detected a wave of whale activity on-chain, namely the increase of funds deployed on long positions. According to the on-chain analysis platform’s latest post, one whale deposited $9.6 million in USDC and used about $8.5 million to buy BTC and open a 6x long position on 133.86 BTC worth $14.47 million. Another whale deposited $1.5 million in USDC (USDC) just a few hours prior to increase a long BTC (BTC) position valued at $49.7 million based on current market prices. Meanwhile, a whale beginning with 0x8Ae4 deposited about 4 million USDC and used the funds to launch long positions spread across three assets: BTC, ETH (ETH) and SOL (SOL). Bitcoin longs dominate the market by 51.98% | Source: Coinglass Similarly, a whale known as “God is Good” recently opened up a Bitcoin long position valued at nearly $50 million. The moves comes shortly after the whale made a profit of $1.24 million from a successful shorting campaign. The whale’s liquidation limit for the position currently sits at $102,300. Data from Coinglass shows that Bitcoin long positions are dominating the market, with a 4-hour volume reaching $6.14 billion. At press time, long positions make up about 51.98% of the total BTC market, with short positions only standing at 48.02%. Many traders suspect that whales going long may be a sign that they are preparing for a bullish rally. One X account commented that the long positions signal a “definitive bet” being placed on the asset. “Whales don’t move $20M+ onto a DEX with 6x leverage unless they are front-running a narrative or move they see as imminent,” said the X user. Bitcoin price analysis On Oct. 22, Bitcoin is currently trading at around $108,200, sitting just below its 30-day moving average of $109,322. According to data from TradingView, the price of BTC attempted to recover towards the $112,000 to $113,000 range but faced rejection, leading to a short-term pullback. The price movement suggests that while bulls have shown buying interest, Bitcoin is still struggling to maintain momentum above key resistance zones. The moving average now acts as the near-term resistance zone, and a decisive move above it could indicate renewed upward strength. The Relative Strength Index sits at around 45, hovering slightly below the neutral 50 level. This implies that Bitcoin is neither overbought nor oversold, however it remains in the indecision zone. Traders are likely waiting for confirmation of the asset’s next move. Bitcoin is in its consolidation phase, with room for upward movement | Source: TradingView If RSI does manage to reach above 50 and sustain, it could indicate that bullish pressure is returning, especially if the move is supported by strong buying volume or whale accumulation. The recent increase in whale long positions aligns with this consolidation phase. Historically, when large holders open significant long positions during sideways or slightly bearish movements, it often signals accumulation before a potential breakout. Whales have a tendency to buy when retail sentiment is uncertain, positioning themselves for the next upward leg. If these long positions persist and are backed by on-chain outflow, it could tighten supply and create upward price pressure. If whale buying continues, BTC could see a clean breakout above the 30-MA and reach the $110,000 level. This could potentially catapult BTC upwards to the next resistance level at around $115,000 to $118,000. However, if it fails to hold up above $107,000, the decline could trigger another retest of lower supports near $104,000.