Whales Strengthen Positions During Market Correction
Wealthy investors have once again demonstrated their interest in Bitcoin by purchasing significant amounts during the recent price dip. On November 29, BTC rebounded by 6.25%, rising from a low of $90,742 to over $96,000. On-chain data indicates that whales took advantage of the market correction, accumulating 16,000 BTC, equivalent to approximately $1.5 billion.
Analysis: Whales Play a Key Role in Price Recovery
Data from TradingView shows Bitcoin holding steady above the $95,000 level, signaling stabilization after the recent correction. CryptoQuant analysts reported that most of the purchases were made by whales, while short-term holders sold their BTC at a loss. However, they caution that the current volume of purchases is not sufficient to initiate a broader "buy-the-dip" trend.
To push Bitcoin beyond the $100,000 mark, greater participation from both retail and institutional investors will be required. “New all-time highs will demand higher spot purchase volumes across various investor categories,” noted the analyst.
Whale Accumulation as a Path to $100,000?
Similar whale activity was observed in October when their holdings reached a record 670,000 BTC. This led to Bitcoin’s price increasing from $60,000 to current highs below $100,000. If this pattern repeats, whale accumulation could push BTC past the psychological barrier of $100,000.
Technical Analysis: Key Support and Resistance Levels
According to data from IntoTheBlock, Bitcoin found strong support between $92,777 and $95,634, where 490,570 wallets hold approximately 441,250 BTC. Current resistance lies at $96,400, which must be surpassed with a daily candle close.
From a technical standpoint, Bitcoin has shown a V-pattern recovery, signaling a rebound from the $90,742 low. If BTC can consistently break above the $96,400 resistance, it could retest the $100,000 level.
Conclusion
Whales continue to play a crucial role in market movements, showcasing their influence during both corrections and price recoveries. However, achieving new all-time highs will require broader interest from retail investors. The next steps will depend on overcoming critical resistance levels, with the $95,000 support remaining vital to sustaining the bullish trend.
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