Whales don't seem to expect any troubles in the world of Bitcoin. They keep accumulating.
Bitcoin's recent price action has caught the attention of market observers. The leading cryptocurrency experienced a 10% correction last Friday. It now holds above a crucial support level, which could potentially lead to a price rally. Meanwhile, analyst Ali highlighted data from Santiment, revealing significant whale activity. Over the past ten days, large holders purchased more than 50,000 BTC. This accumulation is valued at approximately $3.15 billion at current market rates.
The increased whale activity suggests growing confidence in Bitcoin. It comes despite recent market volatility when sentiment has fluctuated between extreme fear and some optimism.
Bitcoin is currently trading at $61,180. It recently tested the daily 200 exponential moving average (EMA) as support around $60,100. This level is considered crucial by technical analysts. For bullish momentum to resume, Bitcoin must reclaim the daily 200 moving average at $63,600 and establishing this as solid support could pave the way for further upward movement.
Failure to maintain the $60,000 level could lead to a deeper correction. Analysts suggest $57,500 as a potential target in this scenario.
The combination of strong support and positive whale activity has bolstered investor optimism. Many are hopeful about Bitcoin's potential for recovery and upward movement.
Market participants are closely monitoring Bitcoin's ability to hold above the EMA. The next few trading sessions will be crucial in determining short-term trajectory. Whale behavior during periods of heightened volatility often anticipates market reversals as their accumulation may signal belief that the recent dip is temporary.
As the crypto market remains focused on Bitcoin's performance, a sustained rally could restore broader investor confidence. This could potentially set the stage for new highs in the coming weeks.