Whales have withdrawn 110,000 BTC in 30 days, indicating strong accumulation and signs of price increase.
Traders are placing large orders near important levels, with 496 million USD in buy orders around 102.8K USD and 319 million USD in sell orders at 104.8K USD.
Bitcoin [BTC], the largest cryptocurrency in the world, has transformed the overall cryptocurrency market with an impressive recovery over the past few days.
This increase is primarily driven by whale activity, which has intensified in both the spot and derivatives markets.
Whales withdraw 110,000 BTC, is it time to buy?
Since Bitcoin started to decline, whales and industry giants have seized the opportunity to 'buy the dip.'
Recently, a well-known cryptocurrency expert shared data on Bitcoin reserves on exchanges over the past 30 days, revealing that whales have withdrawn over 110,000 BTC during this period.
This significant BTC withdrawal indicates accumulation potential and could create buying pressure, leading to the next price increase, explaining Bitcoin's recent rise.
Whales have not stopped; they continue to accumulate BTC.
In just 48 hours, whales have added 20,000 BTC to their wallets.
This ongoing accumulation reflects the interest and confidence of whales in the asset in the long term.
Source: X
Retail participation is minimal
In contrast, retail investors are largely absent during this phase and have sold off due to panic.
According to on-chain analysts, retail investors often return near market peaks, not during recovery or correction phases.
Although BTC is trading just under 5% from its previous peak, retail participation remains fluid, possibly limiting excessive speculation—at least for now.
500 million USD bullish bet
Moreover, traders seem to be in agreement with the current market sentiment, as revealed by the on-chain analysis tool Coinglass.
Data shows that traders are currently over-leveraged at the support level of 102,819 USD below and the resistance level of 104,871 USD above.
At these levels, traders have built 496.55 million USD in long positions and 319.26 million USD in short positions.
This index indicates that bullish speculators currently dominate the market, hoping that the BTC price does not fall below the support level of 102,819 USD anytime soon.
At the time of writing, BTC is trading around 104,300 USD—up 0.75% in 24 hours. However, trading volume has decreased by 7%, indicating a decline in participation.
Bitcoin price & technical analysis
According to TinTucBitcoin's technical analysis, BTC appears optimistic and is heading towards a new peak. The daily chart shows the asset approaching the important resistance level of 106,800 USD.
Source: TradingView
If this upward momentum continues and the price surpasses this resistance level, BTC is likely to experience a surge and may reach a new high.
The Relative Strength Index (RSI) of BTC is at 74, indicating that the asset is currently in the overbought area.
There is a high likelihood that the price may undergo a correction until the RSI exits the overbought area.
Source: https://tintucbitcoin.com/bitcoin-ca-voi-rut-110k-btc-dau-hieu-ath-moi/
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