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Although the price of Bitcoin has been relatively stable over the past few days, major investors known as “whales” have used this phase to significantly accumulate Bitcoin, as evidenced by their strong buying activity, especially through the Binance platform.
Network data shows that the group purchased about 10,000 Bitcoins in just 72 hours, worth about $670 million, which helped reduce short-term selling pressure and may prompt some individual investors to follow this behavior, thereby temporarily increasing purchasing power.
However, some analysts believe these moves will not be enough to change the overall trend.
Analyst “Crypto Tony” says that as long as Bitcoin price remains below the main resistance at $69,000, its price will continue to fall as it continues to make lower highs and lows.
Overall, analysts warned that the market may have entered a new downward phase.
Based on historical patterns, Bitcoin’s price goes through strong upward cycles, followed by long periods of decline.
After reaching an all-time high in October, it is now down more than 50%, and if the previous situation is repeated, this may be just the beginning of a deeper correction wave.
Therefore, despite high whale activity, the overall trend has not yet been established, fluctuations are likely to persist for some time to come, and downward pressure is likely to persist.
Also read:
Warning Bitcoin could drop up to 80% in worst-case scenario: Details
