The massive accumulation of BTC by whales on Coinbase and Binance, coupled with a rarely observed technical signal, rekindles speculation about a bitcoin rally.
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After weeks of hesitation in the crypto markets, a previously mysterious player is now impacting the price of bitcoin.
BTC
83,293 €
has just withdrawn. This withdrawal could indeed reshuffle the market. The massive accumulation of BTC by whales on Coinbase and Binance, coupled with a rarely observed technical signal, reignites speculation. What is happening behind the scenes? And above all, why now?
The strong return of whales: Coinbase and Binance under pressure.
The bitcoin market is experiencing a resurgence in whale activity, particularly on Coinbase and Binance. According to data from the on-chain analysis platform CryptoQuant, "whales on Binance and Coinbase are pushing the market up," reflecting a significant resurgence of interest. This influx of buy orders coincides with the crossing of the psychological threshold of $90,000, marking the highest level reached by BTC in over six weeks.
This rebound has also been reflected in a key technical indicator: the Coinbase Premium, which measures the difference between the price of BTC on Coinbase (BTC/USD) and that on Binance (BTC/USDT), has returned to the green. Crypto Dan, a contributor at CryptoQuant, sees this as a strong signal: "These two platforms, among the largest in the world, have their whales alternately pushing the market up, creating a very positive situation." This phenomenon occurs after a phase of purging small investors, making the ground more conducive to a rise controlled by institutions.
The resistance at $90,000 is collapsing.
The event that truly captivated traders' attention was the sudden disappearance of a resistance wall on Binance, estimated at $90,000. This barrier had been attributed for several weeks to an anonymous player nicknamed Spoofy the Whale for its ability to manipulate the market order. This disappearance is all the more significant as it occurs at a strategic moment.
Keith Alan, co-founder of Material Indicators, points out that the true technical turning point for the market remains the recovery of the annual opening level of bitcoin around $93,500. As long as this threshold is not crossed, the upward trend cannot be considered fully validated. If this momentum continues, it could signal the end of the multi-month bearish cycle that bitcoin has been experiencing since the beginning of the year.
The withdrawal of the mysterious Spoofy combined with the resumption of purchases by whales is anything but trivial. This double technical and behavioral signal could mark a major pivot in the bitcoin market. Investors, both small and large, must now closely monitor the $93,500 threshold, which, if sustainably crossed, could pave the way for a new rally. However, caution remains essential: the history of bitcoin is marked by false starts and brutal reversals.
