Bitcoin whales ‘took advantage’ of $90K BTC price dip, scooping up $1.5B
2024.11.29 04:31
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.
BTC/USD daily chart. Source: Cointelegraph/TradingView
Bitcoin whales snap up $1.5B more on BTC price dip
Data from Cointelegraph Markets Pro and TradingView showed a Bitcoin (BTC) price recovery taking shape after the recent correction as it held above $95,000.
Market participants have observed deliberate posturing by whales, with analysis suggesting they played an important role in the latest BTC price recovery.
Related: Bought the dip? 3 signs that $90K Bitcoin price was the local bottom
“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.
Bitcoin whale daily change. Source: CryptoQuant
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.
Retail trading activity remains “neutral.” Source: CryptoQuant
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.
Bitcoin IOMAP chart. Source: IntoTheBlock
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.
Bitcoin 4-hour chart. Source: Cointelegraph/TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
