Bitcoin Whales Accumulate as Price Slips Below $80K
bitcoinâs price has dipped below $80,000, but large investors, known as whales, are seizing the opportunity.According to CryptoQuant, these big players have bought over 65,000 BTC in the past month.
On March 11, Bitcoin hovered near $80,000. cryptoquantâs data shows that despite the marketâs downturn, whales are actively accumulating Bitcoin. This trend suggests that major players see value in the current price.
BlockTrendsâ CauĂȘ Oliveira explains that this accumulation doesnât guarantee immediate price changes. However, it shows that large participants are absorbing the market, excluding miners and exchanges.
If this buying pattern continues, it could signal a bullish outlook. Historically, whale buying has preceded meaningful price increases. As an example,similar accumulation was seen before the bull run last November and December.
However, the market isnât out of the woods yet. Bitcoin miners are under pressure as BTC dips. After reaching an all-time high of $109K, Bitcoin has struggled with downward pressure. key support levels, like $100K, have failed to hold.
Analysts warn that Bitcoin could dip further.If it breaks below $78K, it might retest $75K. Arthur Hayes, bitmexâs co-founder, suggests Bitcoin could even revisit the $70K area.
Despite the short-term gloom, Hayes remains bullish long-term. He advises investors to be patient. âIf youâre risk-averse, wait for central banks to ease before deploying more capital,â Hayes posted on X.
At 11:40 a.m. Eastern Time on March 11,Bitcoin was trading around $81,220,slightly up from its intraday low of $76,780.
