Despite the recent fall in the price of bitcoin, crypto whales took advantage of this opportunity to massively accumulate BTC. This rush of large investors could well mark the start of a new era for the queen of cryptos.
Significant accumulation of bitcoins by whales
Over the past 24 hours, bitcoin whale addresses, defined as wallets holding at least 100 BTC, added more than 47,000 BTC to their holdings, worth $2.9 billion at current prices, according to Ki Young Ju, CEO of CryptoQuant. This notable accumulation excludes wallets associated with centralized exchanges, mining pools and bitcoin ETFs.
This whale activity occurs in a context where the price of bitcoin is undergoing a significant correction, briefly falling below the psychological threshold of $60,000. However, this decline appears to be short-lived and institutional investors primarily view it as a buying opportunity.
Technical analyst Rekt Capital underlines that a weekly close above $60,000 would confirm that this level now acts as robust support for the BTC price. Historically, bitcoin tends to stay in a “danger zone” for about a week after a halving before resuming its uptrend.
Macroeconomic factors favorable to BTC
Beyond the activity of whales, the macroeconomic context also seems to favor an appreciation of the price of bitcoin. As İsa Sertkaya of Silent Protocol notes, the US Federal Reserve is showing signs of monetary easing that could benefit risky assets like BTC.
Additionally, the latest US jobs report shows job creation and unemployment rates lower than market expectations. This relative weakness in the labor market could encourage the Fed to maintain accommodative monetary conditions for longer.
Finally, traders will need to keep an eye on the key $60,000 level. According to Coinglass, a move below this threshold would trigger liquidations of leveraged long positions worth more than $700 million.
The massive accumulation of bitcoins by whales during the recent price drop, combined with a favorable macroeconomic environment, suggests that BTC may well be entering a new bullish phase. A weekly close above $60,000 would be a strong signal in this direction. However, investors will have to remain vigilant in the face of the risks of liquidations if this support were to give way.
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