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.
