Whales Accumulate, Bitcoin Price Falls Below $95K: What’s Next?

Bitcoin whales have been quite bold recently, withdrawing massive amounts of BTC from major exchanges as prices take a dip. This points to a strategic accumulation. An anonymous whale recently withdrew 1,700 BTC ($161.35m) from Binance within 48 hours. Bitcoin price action can take a significant turn following this.

That brings up an earlier withdrawal of 1,000 BTC ($94.43 million) through another wallet just hours before.

These large-scale withdrawals highlight a recurring trend in the crypto market. That being, it’s savvy investors who are taking advantage of price corrections to boost their holdings. The moves come as Bitcoin price falls beneath important $95,000 support. Such market conditions historically draw whale activity ahead of price rebounds which retail traders are speculating about what may follow.

Bitcoin Price Decline: A Buying Opportunity?

Since its dip, Bitcoin headlines have focused on the cryptocurrency. BTC price lost 1.47% in the past 24 hours to trade at $93,565 at the time of writing. After this decline, Bitcoin’s market capitalization has reached $1.85 trillion, and FDV’s is $1.96 trillion. The same activity that saw $33.09 billion in trading volume 41.54% higher versus the same period says volume has surged.

Such a pullback comes after Bitcoin price has been unable to cross the $100,000 psychological barrier multiple times over the last month. The cryptocurrency is in a consolidation phase, under $98,000 and on the 4-hour chart.

The short-term outlook remains dominated by bearish momentum, opting to trade inside of this range after failing to break through the $100,000 level with a strong rejection earlier this week.

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The decline comes when the cryptocurrency market’s activity continues to increase, as evidenced by would-be traders and investors renewing interest in the market. The falling prices seem to be fuelling a spike in trading activity among Bitcoin investors, as some see the dip as an opportunity to buy, while long-term investors trust that Bitcoin price can withstand the dip.

Technical Analysis: A Consolidation Phase

A technical reading of Bitcoin’s price action currently suggests it is bound to a consolidation phase. This is shown by the blue-shaded channel.

The Average Directional Index (ADX) on the 4-hour chart is 16.78, which indicates no strong momentum going the same way or otherwise. What this means is that there isn’t a cool, collected ‘up’ nor ‘down’ going on with Bitcoin, and this leaves traders wondering whether the next move might be to the ‘up’ or ‘down.’

Key points to look out for are here the $92,000 supports, which are standing strong in the face of falling waves and the $96,000 resistance. If this resistance is broken out, then bullish sentiment will be reignited with Bitcoin potentially retesting the $100,000 level.

On the other hand, if support at $92,000 can not be maintained, then further losses can occur, next major support staying at $90,000. Though bears are taking control of this short-term trend, traders are watching whale activity closely to see where the price action may be destined.