- Bitcoin whales have decided to stop their dramatic exit and are now back to hoarding, with a 30-day accumulation rate of +0.7%. Who knew they could change their minds so quickly?
- If this trend continues, we might just see BTC strutting its stuff at $90,000 again. Hold onto your hats!
For over a month, Bitcoin [BTC] whales were on a selling spree, reducing their holdings like they were trying to fit into last year’s jeans. It was the longest period of net decline in a year, and frankly, it was starting to feel like a sad whale documentary. But lo and behold, the tide has turned! Whales are back in accumulation mode, and it’s about time they stopped their dramatic exits.
This sudden change has pushed the monthly percentage change in whale holdings back into positive territory, which is a fancy way of saying, “Hey, maybe the market isn’t as doomed as we thought!” The burning question now is whether this shift will spark BTC’s next rally or if it’s just a temporary blip on the radar, like that time you thought you could eat an entire pizza by yourself.
Bitcoin’s Whale Accumulation Resumes – A Trend Reversal?
According to the latest on-chain data, Bitcoin whales have re-entered accumulation mode. After weeks of watching their balances dwindle like a bad haircut, total whale holdings are now on the rise, with the 30-day percentage change turning positive at +0.7%. It’s like watching a soap opera where the characters just can’t make up their minds!
Historically, similar shifts in whale behavior have often preceded significant price movements. At the time of writing, the total balance was around 3.4 million. That’s a lot of Bitcoin, folks!
A closer look at past trends revealed that whenever whales switched from net selling to net accumulation, BTC experienced periods of heightened volatility. And, in many cases, price recoveries. It’s almost like they know something we don’t. Or maybe they just have really good instincts.
This suggests that whales may be positioning themselves for a potential market shift. Or perhaps they just really like the taste of Bitcoin.
Bitcoin’s Price Action – What’s Next?
Bitcoin was trading at $86,480 at press time, following a 0.32% decline over the last 12 hours. The 50-day moving average sat at $92,321, acting as a key resistance level. It’s like trying to climb a mountain with a boulder on your back!
Meanwhile, BTC seemed to be hovering near the lower Bollinger Band – a sign that price volatility has been increasing across the board. Buckle up, folks!
The Money Flow Index [MFI] was at 49.06 – a sign that BTC was neither in overbought nor oversold territory. It’s like being stuck in the middle of a seesaw, just waiting for someone to make a move.
A sustained hike in whale accumulation could drive Bitcoin towards a retest of $90,000. However, failure to reclaim key moving averages could push the price towards its $82,000 support levels. It’s a classic case of “what goes up must come down.”
What Could Happen Next?
When analyzing previous instances where whale accumulation resumed after a period of net selling, AMBCrypto found that BTC often saw buying pressure in the following weeks. It’s like a game of musical chairs, and everyone wants to be the last one standing!
However, the extent of the price impact depends on external market conditions, such as macroeconomic factors and overall investor sentiment. It’s a wild world out there!
A major factor to consider is whether the whale accumulation is coming from long-term investors or short-term traders. If the recent buying trend continues, it could signal renewed confidence in BTC’s long-term outlook. Conversely, if accumulation slows down, BTC may remain range-bound before making its next decisive move. It’s like waiting for a bus that may or may not show up.
Will Whales Drive the Next
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2025-03-08 20:57