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Bitcoin Whales ‘Grew Substantially’ During Last Dip, Data Shows Large-Holder Accumulation
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Whales ‘Grew Substantially’ During Last Dip, Data Shows Large-Holder Accumulation

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read

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Bitcoin nearly reached $69,000 yesterday, setting a new local high and further solidifying the ongoing uptrend that began in September. This price action has fueled optimism among analysts and investors, who now anticipate significant gains in the coming weeks. 

Investors believe Bitcoin is ready for a strong rally after seven months of sideways accumulation.

Critical data from Santiment reveals that the number of Bitcoin whales—large holders of BTC—grew substantially just as the price bottomed out around $59,000 on October 10th. 

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This increase in whale activity is often seen as a sign of “smart money” positioning for a major move. Large investors accumulating BTC during a low suggests that they are preparing for something big in the coming weeks.

As excitement builds, market participants watch closely for further signals that Bitcoin could be headed for new all-time highs. With momentum on its side, Bitcoin appears ready to lead the market into the next phase of this cycle.

Bitcoin Whale Activity Supports Bullish Outlook

Bitcoin is trading near the historically reactive price level of $70,000. A critical zone that has consistently acted as resistance, pushing the price down five times over the past seven months. Each time Bitcoin approached this level, it triggered sell-offs or corrections, leading to caution among traders and investors.

However, recent data from Santiment reveals that this resistance may be weakening due to increasing whale activity. Between October 10th and 13th, a net rise of +268 wallets holding between 100 to 1,000 BTC, signaling that large players are accumulating Bitcoin as the price rallies. 

Bitcoin Whales (100-1K BTC) grew between October 10th and 13th
Bitcoin Whales (100-1K BTC) grew between October 10th and 13th | Source: Santiment on X

Analysts often see an increase in whale wallets as a strong bullish indicator, suggesting that influential investors are positioning themselves for potential upside in the coming months.

The timing of this accumulation is crucial, as it coincides with Bitcoin’s upward momentum, signaling that these big players expect further gains. As more large holders continue to enter the market, the window to buy Bitcoin at a favorable price narrows. 

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This accumulation suggests that whales are betting on a sustained bull run, potentially weakening the $70,000 resistance level and allowing Bitcoin to push higher.

With Bitcoin trading near this critical price zone, the next few weeks could be decisive, either breaking through $70,000 or facing another correction.

BTC Testing Supply Levels

Bitcoin is trading at $68,383 after several days of consistent highs, steadily pushing toward new supply levels. The price recently halted at $68,998 and now appears primed for a challenge to new all-time highs. 

This surge has created a wave of optimism, but analysts caution that a healthy retrace may be on the horizon.

BTC testing supply below $69K
BTC testing supply below $69K | Source: BTCUSDT chart on TradingView

The 200-day moving average (MA), currently sitting at $63,322, is a key level to watch. If Bitcoin retraces to this support zone, it could signal strength for a renewed push higher, as this level has historically acted as a strong support during uptrends. Holding above the 200-day MA is crucial for maintaining bullish momentum.

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If Bitcoin fails to break above the $70,000 resistance in the coming week, a retrace to lower demand is expected. This pullback would allow the market to regain liquidity and reset for a potential new rally. 

Investors are closely watching as the price action in the next few days will determine Bitcoin’s long-term outlook.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

Read more

To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

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Created by industry experts and meticulously reviewed
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