Bitcoin whales accumulate BTC in an aggressive way for price drops. The latest data shows that big investors strengthen their hand. Will this accumulation carry Bitcoin to new summits?
Bitcoin whales evaluate price decreases
Bitcoin suffered great fluctuations in February. However, whales evaluated the opportunity in this process. On-Chain Analysis Platform centimeted, 135 new wallets found that more than 100 BTC holds. In this process, individual investors sold panic.
The number of wallets with less than 100 BTC assets decreased by 138,680. The power in the market has moved to large players from small investors. This change may be a harbinger of future strong price movements. The increase in whale wallets usually triggers the rise in market value. When big investors increase their BTC, confidence in the market increases. Similar tendencies were seen in past bull runs.
The level of $ 97,500 offers strong support
Bitcoin’s price movements find support at certain levels. According to Glassnode data, approximately 200,000 BTCs were collected at $ 97,500. This intensive accumulation was one of the most critical factors that prevented the price decrease. As long as this level is broken, the risks of decrease may be limited. Analysts say that if they go below $ 97,500, investors’ losses will increase.
However, the purchases of whales are now strengthening the likelihood of the price leap from here. This support level was tested in recent corrections. Bitcoin began to rise again from this area. If a similar movement occurs, the price may be over $ 100,000 again.
If BTC exceeds $ 101,000, a strong rally can start
According to technical analysis, Bitcoin faces a strong resistance at $ 101,000. Popular analyst Rek Capital says the price is stuck between $ 98,000 – $ 101,000. The movements of whales in this region are of great importance. If BTC exceeds this level, a new bull run may start. The increase in interest in Bitcoin ETFs also gives a positive signal for the market.
Bitcoin ETFs, which have achieved great success in America, also attract attention in Europe. Giant companies like Blackrock are working to offer Bitcoin ETFs to the European market. If corporate investor interest increases, the price of BTC can reach higher levels.
