Why is Bitcoin Price Up Today? $76B Whale Transactions and Volume Delta Form Dual Catalysts

Bitcoin price hit $111,800 today, as key data shows bullish momentum backed by large whale moves and Pizza Day euphoria.

Bitcoin Price Rallies on Bitcoin Pizza Day Optimism

Bitcoin (BTC) surged to $111,800 on Friday, setting a new all-time high for the second consecutive day, according to CoinGecko.

This bullish momentum comes amid enthusiasm surrounding Bitcoin Pizza Day, a historic event in crypto celebrated on May 22. The symbolic nature of the event, paired with strong market fundamentals, drove increased buying sentiment.

At the time of writing on Friday, Bitcoin price is $111,557, up 1.6% over 24 hours, and trending green on all key long-term time frames, with the largest gains on the 30-day (19.3%) and 1-year (61.4%) candles.

These gains point to deep structural strength in BTC’s current rally. Friday’s 1.8% surge confirms that Bitcoin price has broken past its previous resistance levels decisively, buoyed by whale demand and macro tailwinds.

$76B Whale Transactions Signal Institutional Momentum Behind Bitcoin Rally

According to blockchain analytics firm IntoTheBlock via Sentora, Bitcoin large transactions spiked dramatically, crossing $76 billion on May 13, nearly doubling from $37 billion just three days prior (May 10).

These large transactions track the real-time trading activity of institutional wallets moving BTC worth $100,000 per transaction or more.

This activity coincides with BTC’s breakout above $105,000, suggesting that whale accumulation is accelerating price discovery. Historically, such sustained volume spikes in large transactions have preceded major bullish legs in Bitcoin cycles.

The trend signals growing institutional confidence in Bitcoin, possibly fuelled by expectations of lower U.S. interest rates, and the ongoing narrative around BTC as digital gold in a post-halving era.

Positive Volume Delta Confirms Broader Market Participation

Beyond whale activity, the volume delta, the net difference between buying and selling pressure, has flipped decisively bullish.

While the volume delta remains volatile, the last six sessions showed net positive demand on four occasions, including a strong 2,770 BTC bar earlier on Thursday, indicating persistent spot market buying on Binance.

This confirms that the rally is supported not only by institutional inflows on OTC desks but also by retail participants on exchanges.

BTC price surged from $94,000 to $111,430 in just 10 days, a 18.5% gain, with daily candlesticks consistently closing in the upper Bollinger Band range.

Volume levels, while varied, stayed robust, further validating widespread interest. The breakout above the $103,500 mid-band now acts as dynamic support.

Coupled with the steep upward curvature of the Bollinger Bands and multiple closes outside the upper band, market momentum remains strong.

Analysts are increasingly targeting $120,000 as the next resistance zone, where psychological and technical confluences converge.

Bitcoin Price Forecast Today: Bollinger Band Expansion Signals $120K Target

Bitcoin’s uptrend remains intact as momentum consolidates above the upper Bollinger Band, with price action refusing to retreat meaningfully.

The recent candles, despite minor intraday rejections, continue to close in the upper third of their range, an indicator of persistent buying and strong demand absorbing supply from traders booking profits.

A clear Bollinger Band expansion has occurred since breaching $103,000, and the current volatility structure shows no signs of exhaustion.

Supporting this bullish posture, the midline of the Bollinger Band now rests at $103,522, acting as a dynamic pivot point.

A sustained rally above the $112,942 upper band would confirm continuation, especially if accompanied by rising volume.

However, a pullback below $108,000 could trigger a short-term correction toward the $103,000 zone. If whales keep accumulating during minor dips, it could strengthen the case for a retest of $120,000 within the next week.