Bitcoin

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Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) has rebounded 6.25% from its local low of $90,742 to above $96,000 on Nov. 29 as onchain data suggests whales “took advantage” of discounted prices this week.
<figure><img alt="Bitcoin whales 'took advantage' of $90K BTC price dip, scooping up $1.5B" src="https://s3.cointelegraph.com/uploads/2024-11/019376a3-7110-75c0-aeb3-ac9471706e70" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/mgOSDXB5/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://www.tradingview.com/x/mgOSDXB5/">TradingView</a>
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<h2 id="strong-bitcoin-whales-snap-up-1-5b-more-on-btc-price-dip-strong">Bitcoin whales snap up $1.5B more on BTC price dip</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null" text="null" title="null">TradingView</a> showed a BTC price recovery taking shape after the recent correction as it holds above $95,000.&nbsp;
Market participants have observed deliberate posturing by whales, with analysis suggesting that they played an important role in the latest BTC price recovery.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/3-signs-90k-local-bottom-bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/3-signs-90k-local-bottom-bitcoin-price">Bought the dip? 3 signs that $90K Bitcoin price was the local bottom</a>
“Bitcoin whales took advantage” of the crypto market correction earlier this week, accumulating 16,000 BTC, wrote CryptoQuant contributing analyst Caueconomy.
In a Nov. 29 post on X, Caueconomy <a data-ct-non-breakable="null" href="https://x.com/cryptoquant_com/status/1862243080763842976" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> that much of the $1.5 billion in Bitcoin was scooped up after almost $4 billion in BTC was sent to exchanges at a loss by short-term holders.
<figure><img alt="Bitcoin whales 'took advantage' of $90K BTC price dip, scooping up $1.5B" src="https://s3.cointelegraph.com/uploads/2024-11/019376a4-0890-7dcf-b530-e6cc0edd11c1" title="">
 <figcaption style="text-align: center;">
 Bitcoin whale daily change. Source: <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/67489709f175a34370495aec-Whales-take-advantage-and-accumulate-US15-billion-in-Bitcoin-in-the-last-dip?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=caueconomy" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cryptoquant.com/insights/quicktake/67489709f175a34370495aec-Whales-take-advantage-and-accumulate-US15-billion-in-Bitcoin-in-the-last-dip?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=caueconomy">CryptoQuant</a>
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Nevertheless, “this spot buying volume is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/altseason-delayed-lack-fresh-retail-capital-ki-young-ju" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/altseason-delayed-lack-fresh-retail-capital-ki-young-ju">not yet sufficient enough</a> to demonstrate a more widespread buy-the-dip pattern, remaining heavily concentrated among institutional players,” the analyst noted.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Market Analysis, Whale" src="https://s3.cointelegraph.com/uploads/2024-11/019376df-3bf1-78cc-a3bc-a08f04c80c96" title="">
 <figcaption style="text-align: center;">
 Retail trading activity remains “Nuetral.” Source: <a data-ct-non-breakable="null" href="https://cryptoquant.com/analytics/query/6745c759e1767374b97935f6?v=6745c759e1767374b97935f9" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cryptoquant.com/analytics/query/6745c759e1767374b97935f6?v=6745c759e1767374b97935f9">CryptoQuant</a>
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In other words, other investors, such as day traders and retail, must also join the fray to push the price past $100,000.
<blockquote>
 “We will need a larger spot buying volume between retail and institutions to achieve a new ATH.”
</blockquote>
<h2 id="strong-whale-accumulation-to-send-btc-to-100k-strong">Whale accumulation to send BTC to $100K?</h2>
In October, Cointelegraph <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-whale-s-holding-reaches-ath-at-670-k-amidst-btc-s-v-pattern-recovery" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reported</a> on similar activity when Bitcoin whale holdings reached an all-time high of 670,000 BTC. This preceded Bitcoin’s rise from the $60,000 levels toward current all-time highs right under $100,000.
If history repeats, Bitcoin price should benefit from whale accumulation to push it over the $100,000 psychological barrier.
At $95,672, BTC price sits on strong support on the downside compared to the resistance it faces in its recovery path, according to data from IntoTheBlock.
The in/out of the money around price (IOMAP) chart below shows that the immediate support sits within the $92,777 to $95,634 price range, where about 490,570 wallets acquired approximately 441,250 BTC.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Market Analysis, Whale" src="https://s3.cointelegraph.com/uploads/2024-11/019376fe-9d8a-7e76-84ce-0ca11a00d9be" title="">
 <figcaption style="text-align: center;">
 Bitcoin IOMAP chart. Source: <a data-ct-non-breakable="null" href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut" rel="noopener noreferrer nofollow" target="null" text="null" title="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut">IntoTheBlock</a>
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From a technical perspective, Bitcoin has managed an immediate recovery above $95,000 after exhibiting a V-pattern from the local low at $90,742.
As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/4-reasons-100k-next-logical-step-bitcoin" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reported</a> by Cointelegraph, the most logical scenario for BTC is to retest the $100,000 resistance level. But first, a daily candle close above the overhead resistance at $96,400 is needed before the next leg up.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Market Analysis, Whale" src="https://s3.cointelegraph.com/uploads/2024-11/019376ff-4160-70af-bc81-296fc0e7de40" title="">
 <figcaption style="text-align: center;">
 Bitcoin 4-hour chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/CDaBKI5I/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://www.tradingview.com/x/CDaBKI5I/">TradingView</a>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin whales 'took advantage' of $90K BTC price dip, scooping up $1.5B

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