Whales Accumulate Nearly 85K Bitcoin, But the BTC Price Remains Unaffected-What’s Next?
Bitcoin price is down today by 1.42% in the past 24 hours, trading at $26,848.93 at the moment!
The BTC price just slipped below $27,000, the levels it had held for the past couple of days but had yet to validate the conquest of the bears for the day. The price after the fresh pullback is testing the lower support of the ascending triangle that it maintained since the beginning of the year 2023. Therefore, a plunge below these levels may cause a massive drop in the BTC price, which may even extend below $25,000.
In the meantime, while the BTC price has been largely stagnant, the whales have been accumulating the star crypto. As per the data from a popular on-chain platform, Santiment, they have been constantly accumulating over the past 5 weeks, bringing the count close to 85,000.
“Bitcoin’s key large whale address tier has been on a steady accumulation run over the past 5 weeks, accumulating a combined 84,897 BTC during this time while prices are stagnant. In their previous accumulation cycle in January prices jumped +34.4%,”
Meanwhile, the BTC price continues to trade flat, and the latest action has dragged it slightly lower, flashing the possibility of reaching the lower support below $25,000 in the coming days.
The BTC price has maintained a steady rise since the beginning of the year and marked its 2023 high close to $31,000. However, since then, the trend has experienced a massive pullback and is currently trading between the major support and resistance levels. The resistance coincides with the average bands of the channel, while the support is the lower band of the channel.
Therefore, the Bitcoin (BTC) price is believed to test either of the levels, depending on the volume induced. However, the MACD is about to flash a bullish crossover, indicating the resurgence of the buying pressure. Hence, the possibility of the price reaching the lower support cannot be completely eliminated but the probability of recording a surge to the resistance zone between $28,339 and $28,755 is higher.