Bitcoin price action surprised many this week, not because of wild hype, but because of what was happening quietly underneath the surface. BTC price pushed up to $97.8K, and the move did not come out of nowhere. Data shared by Santiment shows a familiar pattern that has historically put bears in a difficult position.
Rather than chasing headlines, this rally was shaped by who was buying, who was selling, and who was stepping aside.
Bitcoin jumped to $97.8K on Wednesday, and according to Santiment, the move was supported by consistent accumulation from large holders. Wallets holding between 10 and 10K Bitcoin added 32,693 BTC since January 10, representing a 0.24% increase in their combined balances. That detail matters because these wallets often reflect strategic positioning rather than emotional trading.
Bitcoin's jump to a high of $97.8K Wednesday appeared more than justified based on continued smart money accumulation, and retail traders dumping. Updating our report from last week, the latest updated chart has 5 color codes:
— Santiment (@santimentfeed) January 15, 2026
Santiment explained that this accumulation pushed Bitcoin into what their model labels the Very Bullish green zone. Historically, this zone appears when larger holders steadily add exposure while smaller participants reduce risk. BTC price tends to respond positively when that imbalance persists.
Smart money behavior rarely chases short term excitement. Accumulation during uncertain price phases often signals confidence in higher levels ahead, even when sentiment feels uncomfortable.
Retail Selling Pressure Adds Fuel To The Bitcoin Rally
While whales and shark wallets were adding Bitcoin, the smallest holders moved in the opposite direction. Santiment data shows shrimp wallets holding less than 0.01 Bitcoin collectively reduced their holdings by 149 BTC, a 0.30% drop.
This divergence creates a setup that has repeated across previous Bitcoin cycles. Retail participants tend to sell into early strength, often due to lingering fear from past drawdowns. BTC price historically performs best when retail doubt remains high during the early stages of a rally.
Santiment described this behavior as micro money bowing out while smart money steps in. That shift often reduces overhead selling pressure and allows Bitcoin price to move more freely.
Bearish Social Sentiment Often Works Against Bears
Another layer reinforcing the Bitcoin rally comes from sentiment data. Santiment noted that social commentary around Bitcoin has turned increasingly bearish, even as BTC price bounced higher. This growing fear marks the highest level of negative sentiment seen in 10 days.
According to social data, the commentary toward Bitcoin across social media has interestingly turned more and more bearish as prices have bounced this week. With markets typically moving the opposite direction of retail sentiment, the most FUD seen in 10 days may propel $BTC…
— Santiment (@santimentfeed) January 15, 2026
Markets frequently move opposite to crowd emotion, especially during trend transitions. Santiment pointed out that elevated FUD has historically preceded upside continuation rather than immediate reversals. BTC price reacting positively while sentiment weakens suggests that positioning, not emotion, is driving the move.
This dynamic also explains why bears often struggle during similar setups. When retail sentiment turns negative too early, selling pressure becomes exhausted faster than expected.
What This Setup Could Mean For Bitcoin Price Ahead
Santiment emphasized that the current Very Bullish signal remains active as long as whales continue accumulating and retail remains hesitant. BTC price approaching $100K becomes more plausible under those conditions, even without explosive momentum.
Sustainability depends on how long retail skepticism lasts. Once retail begins aggressively buying back in, market structure often shifts again. For now, Bitcoin sits in a phase where doubt continues to support strength rather than weaken it.
Bitcoin price rarely moves in straight lines, yet patterns like this one have historically ended poorly for bears who underestimate quiet accumulation. Watching how smart money behaves in the coming days may offer more clarity than price alone.
Curiosity now shifts to whether BTC can maintain this structure long enough to challenge higher levels, or if sentiment finally flips before that test arrives.