Bitcoin (BTC) appears to be staging a comeback after a recent price correction. The world’s leading cryptocurrency surged 6.25% from a low of $90,742 to surpass $96,000 on Friday, November 29th. This uptick coincides with on-chain data suggesting that large investors, known as “whales,” capitalized on the dip.
Analysis from Cointelegraph Markets Pro and TradingView reveals a Bitcoin price recovery taking hold after the short-lived correction. The price has found support above $95,000, with market participants attributing this rise to strategic buying by whales. CryptoQuant analyst Caueconomy suggests that these whales “took advantage” of the market correction, accumulating a staggering 16,000 BTC, worth approximately $1.5 billion.
Whales take advantage and accumulate US$1.5 billion in #Bitcoin
— CryptoQuant.com (@cryptoquant_com) November 28, 2024
“On Tuesday, almost 16,000 $BTC entered whale reserves, a number that continued to increase yesterday, corresponding to almost US$1.5 billion in on-chain accumulation.” – By @caueconomy
More details 👇… pic.twitter.com/hOTP43YmHU
However, Caueconomy cautions that this buying spree might not be enough to propel Bitcoin past the highly anticipated $100,000 mark. Their analysis points out that the current buying volume is primarily concentrated among institutional investors, suggesting a lack of widespread “buy-the-dip” sentiment from retail and day traders.
Whales Paving the Way for a Six-Figure Bitcoin?
This recent whale activity echoes a similar trend observed in October 2024. Cointelegraph reported that Bitcoin whale holdings reached an all-time high at the time, which preceded the cryptocurrency’s significant rise from the $60,000 range towards its current all-time high near $100,000. If history repeats itself, the current whale accumulation could be a bullish signal for Bitcoin, potentially pushing it past the coveted $100,000 barrier.
Technical Indicators Offer Support
From a technical standpoint, Bitcoin’s immediate recovery above $95,000 signifies a positive turn. The price action resembles a V-shaped pattern, indicating a swift reversal from the local low. According to data from IntoTheBlock, strong support exists around $95,672, acting as a buffer against further price declines. Additionally, the IOMAP chart highlights a significant buying zone between $92,777 and $95,634, where nearly half a million wallets accumulated over 441,250 BTC.
Overall, the recent price movement and on-chain data suggest a potential for Bitcoin to retest the $100,000 resistance level. However, a sustained climb above this psychological barrier might require broader participation from retail and day traders alongside continued accumulation by whales.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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