Bitcoin Must Reclaim $72,100 to Resume Bullish Trend as New Whale Selling Weighs

Bitcoin needs to reclaim $72,100, the average entry price for newly accumulated whale investors, to enter a sustained bull market, according to a CryptoQuant analysis.

Burak Kesmeci, a CryptoQuant contributor, wrote on June 21 that the $72,100 level is serving as strong resistance. Until Bitcoin retakes that price, selling pressure from new whales that remain under water could continue to weigh on the market.

Kesmeci said the average cost basis for new whales holding Bitcoin for less than 155 days stands at about $72,100. With Bitcoin currently trading near $64,200, most of those investors are sitting on unrealized losses.

The market is now positioned between new capital and long-term held capital, he said. Bitcoin remains below the average cost basis of new whales, but still trades above the average acquisition levels of Binance investors, miners and long-term whale holders.

Kesmeci put the key cost-basis levels at $58,700 for Binance investors, $53,700 for miners and $47,300 for long-term whale holders.

He identified the $58,700 to $53,700 range as a critical support zone. As long as that range holds, the longer-term uptrend can remain intact. If support breaks, downside risk could widen toward about $47,400, the average cost basis of long-term whale holders.

Kesmeci added that whether new whales can recover their break-even level during the rest of 2026 will be a key market variable. Bitcoin's ability to reclaim $72,100 will determine its next trend, he wrote.