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Bitcoin Tests the Breakeven Level of Short-Term Whales
The price of Bitcoin has returned for the third time since October to the average purchase price of short-term whales — the $79,000–80,000 range. This was reported by on-chain analyst MorenoDV.
Short-Term Whales Decide the Next Move
“If $BTC can stabilize above this cohort’s cost basis, unrealized stress disappears & these whales may transition from defensive sellers into passive holders again, removing significant sell-side pressure from the market.” – By @MorenoDV_ pic.twitter.com/ipxXym3Hxr
— CryptoQuant.com (@cryptoquant_com) May 15, 2026
Short-Term Whales Reach Breakeven
A group of large investors that had previously been holding unrealized losses has now returned to breakeven.
According to the analyst, short-term whales tend to make emotional decisions and react to market changes much more aggressively than long-term holders.
For this category of investors, current profitability and risk management are more important than long-term conviction in the asset.
Previous Two Tests Ended in Capitulation
The previous two similar tests — in October 2025 and January 2026 — ended in market capitulation.
During those periods, the price briefly moved above the whales’ entry level, but once momentum faded, investors began aggressively selling their coins and locking in losses.
The Market Has Reached a Critical Point
The market has now approached a critical stage.
If Bitcoin manages to hold above $80,000, large holders could transition from sellers into passive holders once again, significantly reducing selling pressure on the market.
Otherwise, analysts warn that a new wave of aggressive sell-offs may follow.
At the time of writing, digital gold is trading at $80,470, gaining 1.3% over the past 24 hours.
BTC/USDT hourly chart on Binance. Source: TradingView.
Earlier in May, analysts at JPMorgan Chase predicted that Ethereum would continue to underperform Bitcoin.
Analysts had also previously forecast that Bitcoin could soon exit its bearish phase.
