Bitcoin saw a 6.25% rebound from its recent low of $90,742, pushing past $96,000 on November 29, as on-chain data indicated that whales capitalized on the temporary price dip earlier this week.
Whales Scoop Up $1.5B in BTC Amid Price Correction
Data from TradingView revealed a strong price recovery after Bitcoin’s brief dip, with its value stabilizing above $95,000.
Market analysts noted that whales appeared to be playing a key role in the price bounce, with evidence suggesting they had strategically taken advantage of the market correction.
“Bitcoin whales seized the opportunity,” said CryptoQuant analyst Caueconomy, who highlighted that around 16,000 BTC, worth $1.5 billion, were accumulated during this dip. This activity followed nearly $4 billion in Bitcoin being sent to exchanges at a loss by short-term holders earlier in the week.
However, Caueconomy cautioned that the volume of spot purchases wasn’t yet large enough to signal a widespread buy-the-dip trend. The buying activity remained concentrated mostly among institutional investors, and for the price to make a sustained move past $100,000, participation from retail traders and other market players would be essential.
“We’ll need a more substantial influx of spot buying from both retail and institutions to push Bitcoin to a new all-time high,” he added.
Could Whale Activity Push BTC Over $100K?
On similar whale behavior in October, when Bitcoin whale holdings hit an all-time high of 670,000 BTC. This surge in accumulation coincided with Bitcoin’s rise from $60,000 to nearly $100,000.
If history repeats itself, this increased whale activity could provide the momentum needed to push Bitcoin past the $100,000 mark.
At its current price of $95,672, Bitcoin is sitting on solid support, according to IntoTheBlock’s data. The “in/out of the money” (IOMAP) chart reveals that strong support exists in the range of $92,777 to $95,634, where approximately 490,570 wallets hold around 441,250 BTC.
From a technical standpoint, Bitcoin has managed a quick recovery, exhibiting a V-shaped pattern from the $90,742 low. The most likely scenario for BTC is to challenge the $100,000 resistance level, but a daily close above $96,400 would be needed before a breakout could occur.
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