A Glimmer of Hope: Bitcoin Price Recovery Takes Shape
On November 29th, Bitcoin (BTC) rebounded by a notable 6.25% from its local low of $90,742 to above $96,000, as on-chain data suggested that whales took advantage of discounted prices this week. This development has sparked optimism among market participants, who are closely observing the deliberate posturing by these large-scale investors.
Market Analysis: Whales Play a Crucial Role in Latest BTC Price Recovery
Data from Cointelegraph Markets Pro and TradingView show that Bitcoin’s price recovery is taking shape after the recent correction, with the asset holding above $95,000. Market participants have noted deliberate posturing by whales, which suggests they played an important role in the latest BTC price recovery.
"Bitcoin Whales Took Advantage" of Correction Earlier This Week
According to CryptoQuant contributing analyst Caueconomy, Bitcoin whales took advantage of the crypto market correction earlier this week, accumulating 16,000 BTC. In a November 29th post on X, Caueconomysaidthat 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.
The Role of Whales in Shaping Market Trends
It’s essential to note that while whales have been active in accumulating Bitcoin, ‘this spot buying volume is not yet sufficient enough to demonstrate a more widespread buy-the-dip pattern, remaining heavily concentrated among institutional players.’ The analyst emphasized that retail trading activity remains ‘neutral,’ indicating that other investors, such as day traders and retail, must also join the fray to push the price past $100,000.
"We Will Need a Larger Spot Buying Volume Between Retail and Institutions to Achieve a New ATH."
To put this into perspective, the analyst noted that similar activity was observed in October 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 just under $100,000.
Will Whale Accumulation Send BTC to $100K?
If history repeats itself, Bitcoin price should benefit from whale accumulation to push it over the $100,000 psychological barrier. At $95,672, BTC’s price sits on strong support on the downside compared to the resistance it faces in its recovery path, according to data from IntoTheBlock.
Technical Analysis: Immediate Support and Resistance Levels
Data from IntoTheBlock reveals that the immediate support sits within the $92,777 to $95,634 price range, where about 490,570 wallets acquired some 441,250 BTC. The IOMAP chart below shows this information:
Bitcoin IOMAP Chart
| Support | Volume |
| — | — |
| $92,777 | 441,250 BTC |
| $95,634 | 41,000 BTC |
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 reported by Cointelegraph, the most logical scenario for BTC is to retest the $100,000 resistance level. However, before that, a daily candle close above the overhead resistance at $96,400 is needed.
Bitcoin 4-Hour Chart
| Resistance | Volume |
| — | — |
| $96,400 | 1,500,000 BTC |
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.
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