TLDR:
- Bitcoin whales added 16,010 BTC over five days while the price fell from $87,000 toward $80,000.
- Whale holdings rose from 5,247,316 BTC to 5,263,326 BTC, a 0.305% increase, per Santiment data.
- Nearly 800,000 BTC were previously traded near $84,569, a supply zone Bitcoin must clear first.
- If support holds and $84,569 breaks, Ali Charts eyes $89,000, then $94,000, as Bitcoin upside targets.
Bitcoin whales added 16,010 BTC over five days while the asset fell from $87,000 toward $80,000, according to Santiment data.
Their combined holdings rose from 5,247,316 BTC to 5,263,326 BTC. That marks a 0.305% increase during a period of declining prices.
Bitcoin traded at $83,341.34 as of this writing, up 0.56% in 24 hours. However, the price is still down 3.19% over the past week. Analysts are now watching whether the buying can support a rebound toward higher resistance levels.
Bitcoin Whales Buy as Prices Decline
Ali Charts shared the findings in a five part thread on X. The opening post stated that whales bought the dip. It also said the next leg higher starts now. The thread contains five posts and combines on-chain data with technical chart analysis.
The thread cited Santiment data to support the claim. Bitcoin whales kept adding coins while the market moved lower. Their holdings grew even as the price fell. Santiment provided the holdings figures that Ali Charts used in the second post of the thread.
Market data provides further context for the move. Daily trading volume stands at $22,486,836,062. Trading volume reflects the amount of Bitcoin exchanged across markets over the previous 24 hours.
The 0.56% daily gain follows a 3.19% decline over seven days. These figures reflect the latest price data available at the time of writing.
Ali Charts closed the thread by saying the price now needs to confirm the buying by Bitcoin whales. The analyst listed three levels to monitor.
These levels connect to supply data and a rising channel. They range from a breakout point to two upside targets.
Resistance Near $84,569 Draws Attention
Glassnode data shows nearly 800,000 BTC were previously traded around $84,569. Ali Charts described this area as a supply zone.
Bitcoin must clear it before a move higher gains strength. Glassnode supplied the on-chain data in the third post, which focused on supply near that price.
A break above this level would strengthen the case for a rally, according to the thread. Until then, the zone remains a hurdle for buyers. Bitcoin currently trades just below it. The analyst presented this break as the first condition for the upside move.
Bitcoin is also testing the lower boundary of a rising channel. Support at this boundary needs to hold. A hold at that boundary would keep the rising channel structure intact.
Ali Charts tied the setup to the potential rebound. The fourth post of the thread presents this channel as part of the technical outlook.
If support holds and Bitcoin clears $84,569, the analyst is watching for a rally toward $89,000. That level sits near the channel’s mid-range.
The upper boundary around $94,000 serves as the next target. Ali Charts repeated these three levels in the final post as the key targets for the move.
