Price Analysis

Whales Jump in to Accumulate Bitcoin; Will BTC Price Make It to $65,000 This Week?

The start of the year was pretty bullish for the star crypto, Bitcoin, but with the beginning of the second fortnight of April, the market dynamics changed to a large extent. The BTC price plunged by more than 10% and remains consolidated within a range. Although the bears are trying hard to lift the levels above the key resistance, they have been successfully restricting the price below $65,000. 

Hence, achieving and sustaining above these levels has become more pivotal in the coming days. 

With the price trading within a range-bound level, the market participants also appear to have become a little perplexed over the upcoming trend. On the other hand, the whales utilise the opportunity and accumulate BTC at a discounted price. 

As per the data from Santiment, the whales have been accumulating BTC at times when the price remains stuck between $61,000 and $64,000. The large whales with 1000 to 10,000 BTC in their wallets have collectively accumulated nearly $941 million worth of BTC over the past 24 hours, rebounding to their highest holding level in the past 2 weeks. 

The whale behaviour has had a major impact on the BTC price rally in the long term, as market participants believe an extended accumulation could be a major bullish signal. However, technically, the BTC price remains stuck within a range, trying hard to break above the descending trend. 

The short-term chart shows the BTC price forming constant lower highs and lows as the bears continue to hold a major dominance. The price has again deviated after testing the local resistance at $63,886 and aiming to form another lower low. Therefore, the whales may get yet another opportunity to accumulate more and break the current records, forming new ones.

SOURCE

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