The recent correction in the crypto market saw a decline in the prices of top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others. Crypto whales, holding a minimum of 1,000 BTC, considered this as an opportunity and heavily accumulated.

Crypto whales capitalize on market correction

According to the data from Glassnode, an on-chain analytics firm, highlights that on December 11, 2023, when Bitcoin experienced a sudden price drop, BTC whales seized the opportunity and accumulated heavily. These BTC whales seized the opportunity and benefited from BTC when it went near $40,000.

This information is shared by a prominent trader and analyst, Ali, on X (formerly Twitter).

In the wake of the recent #Bitcoin price dip, there's been a noticeable uptick in entities holding 1,000 $BTC or more. This increase suggests that #BTC whales are seizing the opportunity to accumulate more. pic.twitter.com/cQ8G76eIAO

— Ali (@ali_charts) December 12, 2023

However, CryptoQuants data indicates that some of Bitmex whales opted to close their all positions as Bitcoin approached the $44,000 level. The market turbulence also impacted open interest on platforms like Binance and OKX.

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Next Bitcoin support and resistance 

In the event of further market correction, the $37,150 and $38,360 levels are expected to act as strong support. These levels are where 1.5 million active addresses hold a significant 534,000 BTC, while the resistance levels are identified at $43,850 and $46,400.

A recent report by Todayq News on December 11, 2023, highlighted a global sell-off in the crypto market led by a 5% drop in Bitcoin. This resulted in a 4% reduction in the total market cap to $1.58 trillion. The decline led to over $400 million in liquidations for 119,000 traders, with 89% coming from long positions, indicating an expectation of a positive market trend.

OKX witnessed the largest liquidation, valued at $8.23 million, while Bitcoin contributed $104 million to the total liquidations, experiencing a 5% decrease and reaching $41,600. This market volatility underscores the inherent risks associated with cryptocurrency investments.

As of now, top cryptocurrencies such as BTC, ETH, and SOL are grappling to regain positive momentum following Monday’s substantial price drop. Nevertheless, some altcoins like Solana’s BONK, AVAX, and ADA are showing signs of recovery in their prices.

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BTC41041.26-1.51%

SOL65.35-7.48%

ETH2172.52-1.80%

#Bitcoin