The bitcoin price continues to hover above the $108K level, but a mix of technical resistance, whale activity, and looming options expiry has left traders on edge. After a strong rally from below $80,000 earlier this quarter, BTC now finds itself in a decisive zone — one that could shape its direction into June.
Whales Are Taking Profit at the Top
According to recent on-chain data reported by CoinDesk, large wallet addresses — commonly referred to as whales — have begun offloading positions around the $108,000–$110,000 range. This behavior often precedes short-term market pullbacks and has historically signaled exhaustion after sharp moves upward.
Whales tend to act earlier than retail traders, using their size and timing to exit before momentum fades. Their recent activity could suggest de-risking ahead of key macro or market events — and this week’s expiry of billions in options contracts is likely one of them.
“Whale-to-exchange flows have picked up, and the distribution pattern is clear,” one analyst noted. “We’re seeing classic top-forming behavior.”
Options Expiry Could Be a Volatility Trigger
On May 31, billions of dollars in Bitcoin options are set to expire, a scheduled event that frequently leads to increased volatility and sudden price movements. Data from CoinGlass shows that the largest concentrations of open interest are clustered around strike prices of $104K, $108K, and $112K.
Source: Coinglass
The chart reveals a high volume of calls at $108K and $112K, along with a surge in puts below $104K — forming a classic battleground for bulls and bears. The final hours before expiry often see sharp moves as large holders attempt to push price action toward their max-pain targets.
This setup, combined with current whale behavior, suggests that BTC is entering a high-risk, high-reward window where directional bias could be determined quickly and violently.
Bitcoin Price Technical Picture: Strong Rally Meets Heavy Resistance
BTC’s recent rally has been impressive — recovering nearly 40% from the March low near $77,000 — but the daily chart (below) shows that momentum is slowing just beneath a key horizontal resistance zone.
Source: Tradingview
The $110K–$112K area has acted as a psychological ceiling in recent sessions, with multiple rejection wicks and decreasing volume on each retest. Meanwhile, the RSI is trending sideways near overbought territory, hinting at consolidation or a minor pullback before any further breakout.
Should BTC lose support at $106K, we could see a test of the $101K–$102K area. On the flip side, a clean close above $112K would likely trigger a wave of short liquidations and renewed bullish momentum into the $120K range.
What Traders Should Watch Now
- Options expiry (May 31): Watch for sharp moves during U.S. hours on Thursday and Friday.
- Exchange inflows from whales: If they continue, downside pressure could increase.
- Support levels: $106K and $102K are immediate zones to monitor.
- Breakout target: Above $112K, bulls may regain control.
In the short term, bitcoin price action remains range-bound, but the mix of leveraged positioning and whale outflows suggests traders should be prepared for a directional move before the weekend.
Final Thoughts
Bitcoin has proven resilient in 2025, reclaiming levels not seen since the last cycle peak. However, this week’s combination of whale distribution and a large options expiry injects fresh uncertainty into an already cautious market.
For traders and investors alike, this is a moment to stay sharp. Whether BTC breaks out or pulls back, the current setup represents one of the most pivotal moments for price action in recent months — and how it resolves could set the tone for June.
