Originally published on: November 29, 2024
Bitcoin made a bullish recovery of 6.25% after hitting a local low of $90,742, bouncing back to over $96,000 on Nov. 29. Onchain data indicated that whales capitalized on the discounted prices this week, driving the rebound.
Analysts pointed out deliberate moves by whales, suggesting their significant role in the recent surge of Bitcoin prices. According to CryptoQuant contributing analyst Caueconomy, whales took advantage of the market correction, accumulating a whopping 16,000 BTC, worth around $1.5 billion, following a significant influx of Bitcoin to exchanges by short-term holders.
Despite this massive accumulation by whales, the buying volume is not yet extensive enough to signal a widespread pattern of buying the dip, mainly concentrated among institutional players. Retail trading activity remains neutral, indicating that other investors need to participate to propel the price past the crucial $100,000 mark.
In light of previous patterns, where whale holdings reached record highs before Bitcoin’s surge, the current accumulation by whales could potentially push BTC over the psychological barrier of $100,000. The immediate support for Bitcoin is strong at around $95,672, with a clear path to retest the $100,000 resistance level.
From a technical standpoint, Bitcoin appears to have formed a V-pattern from its recent low, indicating a potential move towards $100,000. However, a daily close above the resistance at $96,400 is necessary for this upward momentum to continue.
This article provides insights into recent market trends and does not offer investment advice. Readers are advised to conduct their own research before making any trading decisions. Stay updated on more market news and analysis by subscribing to our newsletter for critical insights every Monday.
