Bitcoin Whales Accumulate as Price Dips Eye $94K Support Zone

Sean Williams
Bitcoin

Bitcoin whales are quietly accumulating as BTC consolidates above $100K, with analysts warning of a potential correction toward $94K.

Whale Confidence Grows Amid Sideways Action

Bitcoin (BTC) continues to hover just below its all-time high of $112,000, trading within a tight $5,000 range. Despite this pause, large traders—commonly referred to as whales—are showing confidence. According to Keith Alan, co-founder of Material Indicators, buy volume from the largest transaction classes is surging, suggesting aggressive accumulation at current levels.

“BTC is consolidating above $100k and whales are accumulating,” Alan stated on X (formerly Twitter), accompanying his post with data showing mounting liquidity around the $112K level and increasing bid volume under current prices.

$94K Seen as Key Bounce Level if Correction Hits

While bullish momentum remains intact, Alan warns a pullback could be imminent. He highlights the 21-week moving average—currently near $94,000—as a strong support level if sellers briefly take control.

“We are in a bull market and the trend is up, but there are no straight lines in trading," he noted. “If a correction comes, I expect support to hold at the trend line, which currently has confluence with the 21-week moving average.”

Bitcoin has posted over seven consecutive green weekly candles—a rare feat historically followed by consolidation or corrections. The mid-$90K zone now emerges as a potential area where bulls could reload.

Also Read: Metaplanet Soars 224%, Reflects Bitcoin Price at $596K—Is a Correction Coming?

James Wynn’s Leveraged Moves Add to Market Drama

Adding to the intrigue, Hyperliquid trader James Wynn continues to make headlines with his high-leverage trades. Known for influencing short-term market sentiment, Wynn is currently riding a 40x long BTC position with an unrealized loss of $3.4 million, according to HyperDash.

His public complaints of “liquidity games” aimed at liquidating his positions have sparked debate about the influence of large-volume retail traders on BTC’s short-term volatility.

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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