Bitcoin Whales Accumulate 83K BTC as Retail Investors Sell

Bitcoin whales have been acquiring coins over the past month, unlike the retail behavior.

Recent Bitcoin (BTC) price movements have been a hot topic as bulls continue to heat up. Through this, it appears that large holders, or whales, are actively accumulating more BTC. This signals at the possibility of testing the $130,000 level soon.

Besides, latest on-chain data and technical analysis show signs of a bullish setup. This is further confirmed by the soaring institutional interest.

Bitcoin Whales Accumulate 83K BTC As Retail Investors Sell

Bitcoin whales have been busy buying coins over the past month, in contrast to the selling behavior of smaller retail investors, according to on-chain data.

Over the last month, the tiers holding 10 to 10,000 BTC have managed to accumulate almost 83,105 BTC, according to Santiment data.

This increased whale activity signifies a collective shift in attitude towards the future of Bitcoin. Especially when these large holders, known for making moves calmly and buying when there is uncertainty, are engaging in such open accumulation, it signals a clear vote of confidence.

However, smaller retail investors, especially those having a token amount less than 0.1 BTC, have offloaded 387 BTC during the period. This trend shows a combination of profit-taking and risk hedging in the wake of recent price fluctuations.

Historically, such periods of whale accumulation and retail selling have led to major bull runs. As big players position themselves for market movements that are massive in nature.

This observation aligns with the narrative that smaller investors usually sell during periods of volatility to reduce risk, while larger institutions or "whales" use this opportunity to buy at lower prices and prepare for the next leg of the bull market.

Bitcoin Price Could Be Prepping To Break Its Previous All-Time High Of $110,000

suggest that the cryptocurrency is setting up for a continuation pattern that could see it retest its previous all-time high (ATH) of $130,000.

Highlighting a bearish descending broadening wedge on the 4-hour chart, the breakout could set up Bitcoin price for a possible run at $130k, if it were to break a key resistance at $106k.

Crucially, the $106K level will be a deciding factor. In other words, the analyst noted that once this barrier is breached, it could trigger a surge toward the projected $130K target. This target agrees with the measured move from the wedge breakout, thus indicating a possible 23.84% profit from the current levels.

However, if bulls are unable to break it, there is a high chance that there will be a pullback toward the $95k–$96k support area, which may form a good buy-the-dip opportunity for the strategic investors.

"Failure to break this critical resistance can stall the broad, larger uptrend concurrent with broader market support structures, making it a key level to monitor as Bitcoin tries to gear up for a bigger rally," Captain Faibik concluded.

Key Bitcoin Price Levels To Watch Ahead

Technical analysis from Crypto_Scient offered another viewpoint on Bitcoin’s potential path. The analyst highlighted a 4-hour Order Block (OB) cluster and a 1-day trend retest within the $94,000 to $95,000 range.

This zone represents a crucial support area where significant buying interest is expected, serving as a possible launchpad for the next leg up.

This strong rebound from the area will confirm a return of bullish pressure, and is in line with the previous demand zones that the whales have previously accumulated. Rather interestingly, this may be the lead-up for a possible big price move if it is tested.

However, in case Bitcoin price fails to find support at this level, the bullish scene loses strength. This could result in some deeper correction and shaking off the weaker hands. Despite this risk, the current zone, as long as it holds, is of great interest to traders trying to gain from the current uptrend.