On November 29th, Bitcoin (BTC) experienced a significant price rebound, rising by 6.25% from its local low of $90,742 to above $96,000. This increase is attributed to the strategic actions of whales, who took advantage of discounted prices during the recent correction.
Market Data Reveals Whale Accumulation
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price recovery is taking shape after the recent correction, with it holding above $95,000. Market participants have observed deliberate posturing by whales, suggesting they played a crucial role in the latest BTC price recovery.
Whale Activity and Price Movement
CryptoQuant contributing analyst Caueconomy analyzed the data and found that whales accumulated 16,000 BTC after almost $4 billion in BTC was sent to exchanges at a loss by short-term holders. This significant whale activity is evident in the Bitcoin whale daily change chart from CryptoQuant.
Retail Trading Activity Remains Neutral
Although whale accumulation is substantial, Caueconomy noted that the "spot buying volume is not yet sufficient to demonstrate a more widespread buy-the-dip pattern." This indicates that retail trading activity remains neutral. The analyst emphasized that it will require larger spot buying volumes between retail and institutions to achieve a new all-time high (ATH).
Historical Context: Whale Accumulation Preceding Price Increase
In October, Cointelegraph reported similar whale activity when Bitcoin whale holdings reached an all-time high of 670,000 BTC. This precedented the rise from the $60,000 levels toward current all-time highs just under $100,000. If history repeats itself, Bitcoin price should benefit from whale accumulation to push it over the $100,000 psychological barrier.
Technical Analysis: Support and Resistance Levels
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. The in/out of the money around price (IOMAP) chart shows that the immediate support sits within the $92,777 to $95,634 price range.
Bitcoin IOMAP Chart
| Price Range | Number of Wallets | Amount of BTC |
| — | — | — |
| $92,777-$95,634 | 490,570 wallets | 441,250 BTC |
Technical Perspective: V-Pattern and Retest of $100,000 Resistance Level
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, a daily candle close above the overhead resistance at $96,400 is necessary.
Bitcoin 4-Hour Chart
| Timeframe | Price |
| — | — |
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.
Stay Ahead of the Market with Cointelegraph’s Markets Outlook Newsletter
Subscribe to our newsletter and gain critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday.
