Bitcoin rebounded 6.25% from its local low of $90,742 to above $96,000 on Nov. 29 as onchain data suggested whales “took advantage” of discounted prices this week.
Bitcoin whales snap up $1.5B more on BTC price dip
Data from Cointelegraph Markets Pro and TradingView showed a Bitcoin BTC
Market participants have observed deliberate posturing by whales, with analysis suggesting they played an important role in the latest BTC price recovery.
“Bitcoin whales took advantage” of the crypto market correction earlier this week, accumulating 16,000 BTC, wrote CryptoQuant contributing analyst Caueconomy.
In a Nov. 29 post on X, Caueconomy said that much of the $1.5 billion in Bitcoin was scooped up after almost $4 billion in BTC was sent to exchanges at a loss by short-term holders.
Nevertheless, “this spot buying volume is not yet sufficient enough to demonstrate a more widespread buy-the-dip pattern, remaining heavily concentrated among institutional players,” the analyst noted.
In other words, other investors, such as day traders and retail, must also join the fray to push the price past $100,000.
“We will need a larger spot buying volume between retail and institutions to achieve a new ATH.”
Whale accumulation to send BTC to $100K?
In October, Cointelegraph reported similar activity when Bitcoin whale holdings reached an all-time high of 670,000 BTC. This preceded Bitcoin’s rise from the $60,000 levels toward current all-time highs just under $100,000.
If history repeats, Bitcoin price should benefit from whale accumulation to push it over the $100,000 psychological barrier.
At $95,672, BTC’s price sits on strong support on the downside compared to the resistance it faces in its recovery path, according to data from IntoTheBlock.
The in/out of the money around price (IOMAP) chart below shows that the immediate support sits within the $92,777 to $95,634 price range, where about 490,570 wallets acquired some 441,250 BTC.
From a technical perspective, Bitcoin has managed an immediate recovery above $95,000 after exhibiting a V-pattern from the local low at $90,742.
As reported by Cointelegraph, the most logical scenario for BTC is to retest the $100,000 resistance level. But first, a daily candle close above the overhead resistance at $96,400 is needed.
