Bitcoin Whales Capitalized on 90k Price Dip Scooping Up 15 Billion

On November 29, Bitcoin (BTC) rebounded by 6.25% from its local low of $90,742 to above $96,000. This price recovery is being attributed to whales taking advantage of discounted prices during the correction.

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Market Participants Observe Deliberate Posturing by Whales

Data from Cointelegraph Markets Pro and TradingView shows a Bitcoin price recovery taking shape after the recent correction, with the cryptocurrency holding above $95,000. Market participants have observed deliberate posturing by whales, which suggests they played an important role in the latest BTC price recovery.

Bitcoin Whales Accumulate 16,000 BTC Amid Correction

According to CryptoQuant contributing analyst Caueconomy, Bitcoin whales took advantage of the crypto market correction earlier this week by accumulating 16,000 BTC. This represents a significant portion of the $1.5 billion in Bitcoin that was scooped up after almost $4 billion in BTC was sent to exchanges at a loss by short-term holders.

Retail Trading Activity Remains Neutral

However, Caueconomy noted that ‘this spot buying volume is not yet sufficient enough to demonstrate a more widespread buy-the-dip pattern, remaining heavily concentrated among institutional players.’ In other words, retail trading activity remains neutral and needs to join the fray to push the price past $100,000.

Whale Accumulation Could 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.

History Repeats Itself: Whale Accumulation and Price Action

If history repeats itself, 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.

Technical Analysis: Immediate Support Sits Within $92,777 to $95,634 Price Range

Data from IntoTheBlock shows that the immediate support sits within the $92,777 to $95,634 price range. In this range, about 490,570 wallets acquired some 441,250 BTC.

Technical Perspective: V-Pattern and Retest of $100,000 Resistance Level

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.

Conclusion: Whale Accumulation and Price Action

In conclusion, whale accumulation appears to be playing an important role in Bitcoin’s price recovery. However, retail trading activity remains neutral, and a daily candle close above the overhead resistance at $96,400 is needed for BTC to retest the $100,000 resistance level.