- The BTC price is testing the lower support of the rising triangle it has maintained since the beginning of 2023.
- Whales have been accumulating BTC steadily for 5 weeks.
Bitcoin whales continue to accumulate BTC, but the price has not yet been affected – what’s next for BTC?
Whales Continue to Accumulate Bitcoin!
The BTC price has fallen below its recent level of $27,000 for the past few days, but has not yet confirmed the bears’ takeover. After the latest pullback, the price is testing the lower support of the rising triangle it has maintained since the beginning of 2023. Therefore, a drop below these levels could cause a significant drop in the BTC price, possibly even below $25,000.
Meanwhile, as the BTC price remains largely stagnant, whales are accumulating BTC. According to data, they have been steadily accumulating for the past 5 weeks and are approaching a total of 85,000.
Bitcoin’s key whale address layer has experienced steady accumulation over the past 5 weeks, accumulating a total of 84,897 BTC while prices have remained stagnant. In the previous accumulation cycle in January, prices rose by 34.4%.
Current Status of Bitcoin Price!
Meanwhile, BTC price continues to trade sideways, and the latest move has pulled it down slightly, indicating the possibility of reaching the lower support below $25,000 in the coming days.
BTC/USD Daily Price Chart
The BTC price has maintained a steady rise since the beginning of the year, bringing it close to $31,000, the highest level of 2023. However, since then, the trend has experienced a major pullback and is currently trading between key support and resistance levels. Resistance corresponds to the average bands of the channel, while support is the lower band of the channel.
Therefore, it is believed that the Bitcoin (BTC) price is testing one of these levels depending on induced volume. However, the MACD shows a bullish crossover indicating a resurgence of buying pressure. Therefore, the possibility of the price reaching the lower support cannot be completely ruled out, but the likelihood of an increase in the resistance zone between $28,339 and $28,755 is higher.
