- Bitcoin whales have accumulated over 65K BTC in 30 days, signaling strong buying pressure despite ongoing market corrections.
- Bitcoin remains below the 200-day moving average, forming a resistance level that could delay recovery and prolong consolidation.
- Long-term holders continue accumulating, suggesting confidence, but failure to break resistance may lead to extended stagnation.
In the ongoing market correction period, more significant bitcoin whales are increasing their buying activity. Average the decisions made by large holders also state that in the last 30 days, they have purchased more than 65k BTC showing the positive sentiments of big whales. This removes miners and exchanges from the picture, which indicates that institutions and wealthy customers are consuming supply rather than short-term holders.
Steady Accumulation Impact
However, this cannot predict an instant increase of price it indicates a regular flow which is capable of causing specific shifts in the market. It may follow similar pattern as observed during the accumulation period in November and December last year contributing to the price stability prior to a breakout.
Buying and selling activity in which trades are accumulated over several weeks is more impactful than buying and selling in a short period within a week or even a day because of their long-term trading strategies different from flippers and sposos.
Consequently, Daan Crypto Trades observe that BTC has continued to fall below the 200 days moving average, which has now formed a resistance line. He noted that it has become tough for Bitcoin to break this level, thus complicating the possibility of a recovery in the short term. The same situation was in case with Bitcoin last year when the price had been trading below this level for over three months before recovering.
Bitcoin Rebound Potential
Nevertheless, the price continues to be pushed up, or the accumulation signals that the long-term holders are still positive. Such a buying pressure could help to offer support, thereby putting a further decline in its tracks and possibly rebound. At the time of writing, BTC is trading at $82,791, which is 2.73% up than its value a day before.
Source: TradingView
The market is presently in a state of mixed with the on-chain metrics showing a stable demand area and the technical indicators revealing resistance. Bitcoin traders and investors are focusing during the following weeks to decide if the digital asset can break barriers or consolidate for a long time. However, if whales persistently accumulate their crypto at the current rate, the indicator may shift in favor of a superior market trends in the future, but short-term movements are unpredictable.