Bitcoin Whales Accumulate Despite ATH Dip; Price Consolidates

Bitcoin’s price is currently consolidating around $105,000 after a retracement from its all-time high of $112,000. Despite macroeconomic uncertainty, including rising US Treasury yields and geopolitical tensions, large Bitcoin holders (whales) continue to accumulate. Data from CryptoQuant shows that whales, holding between 1,000 and 10,000 BTC, have added 200,000 BTC to their holdings since March 11th, bringing their total to 3.5 million BTC. This accumulation, including 78,000 BTC in the last 30 days and 6,000 BTC in the last week, suggests strong long-term confidence in Bitcoin. Analysts are closely watching Bitcoin’s price action around the key support level of $103,600. A sustained hold above this level would reinforce the bullish trend and indicate potential for another move towards $109,300. Conversely, a breakdown below $103,600 could lead to further price drops towards $99,000-$100,000. The current consolidation phase reflects the ongoing tension between macroeconomic headwinds and the sustained accumulation by large investors. Bitcoin’s resilience, even amidst global uncertainty, and the consistent buying pressure from whales are key factors influencing market sentiment. While the pace of accumulation has slowed recently, the overall trend remains bullish, suggesting that major players anticipate further price increases. Bitcoin’s outperformance compared to most altcoins since 2021 further strengthens its position as a relatively safe haven asset. The continued accumulation by large holders provides a strong signal of underlying strength and confidence in the long-term future of Bitcoin, despite short-term volatility.

(Source: https://bitcoinist.com/bitcoin-accumulation-continues-despite-ath-whales-add-78k-btc-in-30-days/)