Bitcoin is seeing an impressive recovery after a major correction. Bitcoin whales, true pillars of the market, took advantage of reduced prices to accumulate massively.
Whales accumulate 16,000 BTC after fall
At the start of the week, the price of Bitcoin reached a local low of $90,742. This triggered frenzied whale activity. According to CryptoQuant, they have accumulated 16,000 BTC. That’s almost $1.5 billion.
This dynamic contrasts with the $4 billion liquidated by short-term holders. Which reveals a divide between individual and institutional Bitcoin investors.
Analysts note that this volume remains concentrated among institutional investors, a sign of continued confidence despite recent volatility. However, a massive purchase by individuals would be necessary to support a lasting increase towards $100,000.
Bitcoin price: A technical rebound above $95,000
The price of Bitcoin quickly rebounded by 6.25%, surpassing the $96,000 mark on November 29. THE data from IntoTheBlock indicate strong support between $92,777 and $95,634, where over 441,250 BTC was acquired.
From a technical point of view, this rebound is similar to a V-shaped model. To maintain this trend, a close above $96,400 is nevertheless crucial before targeting $100,000.
The $100,000 in the sights? The outlook for Bitcoin
In October, the Bitcoin whales reached an all-time high of 670,000 BTC before a dramatic rise in price. If this pattern repeats itself, Bitcoin could therefore break the psychological resistance of $100,000.
As December approaches, institutional and individual investors are monitoring technical indicators for take advantage of the current dynamic.
Bitcoin thus continues to attract investors despite its volatility. If current conditions continue, a new all-time high could be reached. To be continued…
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