As a seasoned analyst with over a decade of experience in the volatile world of cryptocurrencies, I’ve learned to read between the lines and spot patterns that others might miss. The recent surge in Bitcoin’s price is a classic example of whale activity at work.
Bitcoin (BTC) has rebounded 6.25% from its local low of $90,742 to above $96,000 on Nov. 29 as onchain data suggests whales “took advantage” of discounted prices this week.
Bitcoin whales snap up $1.5B more on BTC price dip
According to data from both CryptoMoon Markets Pro and TradingView, Bitcoin’s price appears to be rebounding following a recent dip, maintaining its position above $95,000.
It appears that large investors, or “whales,” have been strategically positioning themselves in the market, leading many analysts to conclude that their actions significantly contributed to the recent increase in Bitcoin’s price.
According to Caueconomy, a contributing analyst for CryptoQuant, Bitcoin ‘big investors’ or ‘major players’, often referred to as ‘whales’, seized the opportunity presented by this week’s crypto market correction to purchase approximately 16,000 Bitcoins.
On November 29th, Caueconomy stated in their post that approximately $1.5 billion worth of Bitcoin was acquired following the transfer of about $4 billion in BTC to exchanges, which resulted in a loss for short-term owners.
However, the analyst pointed out that “while some institutional investors are buying, it’s not yet clear this represents a broader trend of ‘buying on dips,’ as the volume remains heavily focused on these large players.
To put it simply, for the price to reach $100,000, additional investors like day traders and regular buyers will need to actively participate and help drive the price upward as well.
“We will need a larger spot buying volume between retail and institutions to achieve a new ATH.”
Whale accumulation to send BTC to $100K?
Back in October, CryptoMoon noted a comparable occurrence as Bitcoin whales amassed a record-breaking 670,000 BTC. This event was followed by Bitcoin’s surge from around $60,000 to its present all-time high, just shy of $100,000.
Should past patterns recur, the accumulation by large investors (whales) could potentially drive the Bitcoin price beyond the significant threshold of $100,000.
Based on data from IntoTheBlock, the Bitcoin price currently stands at $95,672 and appears to have robust support if it were to decline, while encountering significant resistance as it attempts to recover.
The chart displayed indicates that the closest levels of support, or price ranges where the asset might find temporary stability, are situated between $92,777 and $95,634. This is because around 490,570 cryptocurrency wallets hold approximately 441,250 Bitcoin within this range.
Technically speaking, Bitcoin swiftly bounced back above $95,000 following a ‘V’ shape pattern, having touched a local minimum at $90,742.
According to CryptoMoon’s analysis, the most plausible course for Bitcoin could involve a return to the significant resistance point of $100,000. However, prior to this potential upward movement, a daily close above the current resistance at around $96,400 is crucial.
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2024-11-29 11:45