Originally published on: November 29, 2024
Bitcoin made a remarkable rebound of 6.25% from its recent low of $90,742 to soar above $96,000 on Nov. 29. Onchain data has revealed that Bitcoin whales capitalized on the discounted prices this week, aiding the price recovery.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin saw a price recovery to $97,065 after a recent correction, holding steady above $95,000.
Analysts have noted strategic moves by whales, suggesting their pivotal role in the recent surge of Bitcoin prices.
Caueconomy, a contributing analyst at CryptoQuant, reported on Nov. 29 that Bitcoin whales took advantage of the market correction, accumulating a total of 16,000 BTC worth approximately $1.5 billion. This accumulation followed a trend where short-term holders sent nearly $4 billion in BTC to exchanges at a loss.
Despite this significant spot buying volume, the dominance of institutional players remains high, indicating the need for participation from retail investors and day traders to propel Bitcoin past the $100,000 mark.
Historical data shows that when Bitcoin whale holdings peaked at 670,000 BTC in October, it preceded a surge in Bitcoin’s price from $60,000 to nearly $100,000.
At the current price of $95,672, Bitcoin remains well supported, with key resistance levels identified by IntoTheBlock’s In/Out of the Money around Price (IOMAP) chart.
From a technical standpoint, Bitcoin has displayed a V-pattern recovery from its local low at $90,742, signaling a potential retest of the $100,000 resistance level. However, a daily close above the $96,400 mark is crucial for this bullish momentum to continue.
Investors are reminded that all trading decisions involve risks, and it is important to conduct thorough research before making investment moves.
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