Originally published on: November 29, 2024
Bitcoin took a 6.25% leap from its recent low of $90,742 to soar above $96,000 on Nov. 29, thanks in part to whales capitalizing on discounted prices in the market. Data suggests that these large investors strategically amassed 16,000 BTC, totaling $1.5 billion in value, after observing a significant correction in the cryptocurrency market.
Recent trends indicate that whales are playing a crucial role in driving Bitcoin’s price recovery, with institutional players leading the charge. While these massive buys point towards a positive outlook for BTC, retail trading activity remains relatively neutral.
Despite the recent surge, Bitcoin still faces lingering challenges, with the $100,000 psychological barrier on the horizon. However, historical data suggests that whale accumulation could pave the way for surpassing this crucial mark and achieving new all-time highs.
Technical analysis suggests that Bitcoin has found solid support above $95,000 and is poised for a retest of the $100,000 resistance level. To confirm this bullish scenario, a daily candle close above $96,400 is essential.
It’s important to note that this article does not provide investment advice. Readers are advised to conduct their own research and exercise caution when making financial decisions. Stay informed with critical insights by subscribing to our Markets Outlook newsletter for the latest updates and investment opportunities.