Whale Accumulation Slowing Down
Bitcoin whales, those with over 1,000 BTC, have been buying during dips this year. However, recent data shows that their accumulation is slowing down. This decline could worry investors as Bitcoin struggles to stay above $60,000.
Whales Buying Less in Each Dip
The biggest whale accumulation happened in March, with over 120,000 BTC acquired. But each subsequent dip has seen less accumulation. The recent dip to $56,000 didn’t attract much whale interest.
Could This Signal a Bearish Trend?
The waning whale conviction raises concerns about a potential bearish reversal for Bitcoin. Some analysts believe it may have reached its peak in this cycle.
But Not a Sure Sign of a Crash
While lower whale buying could slow price increases, it’s not a guarantee of a major crash. If the trend continues for months, it could indicate weaker demand and a weakening bull market.
Resistance and Support Levels
There’s strong resistance between $59,000 and $61,000. A drop below this range could push many investors into losses. However, most analysts remain optimistic about Bitcoin’s long-term prospects.
Analyst View
Marco Johanning sees $57,000 as a crucial support level. A break below could lead to further declines, but the market is still bullish for Bitcoin.
