Bitcoin Whales Resume Accumulation, Price Surges 15%

Bitcoin's upward momentum has resumed, with significant investors making substantial moves. On-chain data reveals that Bitcoin whales have resumed accumulation after a brief pause. This renewed buying activity follows a 15% increase in BTC from its March 10 low of $76,600, now hovering in the high $80,000s. Factors such as softer U.S. inflation readings and shifts in geopolitical sentiment are contributing to renewed market optimism.

Crypto analyst Ali Martinez recently highlighted that 48 new wallets now hold at least 100 BTC, indicating that large investors are actively accumulating. Additionally, on-chain intelligence firm Arkham reported that dormant Bitcoin wallets are becoming active again. One wallet, inactive since 2017, has resumed activity, with its original value of just over $3 million now worth around $250 million. The increased activity among whales suggests significant confidence in Bitcoin's long-term prospects.

Many analysts predict that Bitcoin has recently bottomed out at $76,600 and is poised for further gains. The former CEO of BitMEX, Arthur Hayes, believes that despite potential volatility in stock markets, BTC has found its bottom. Key technical indicators, such as the relative strength index (RSI), show bullish signals, and Bitcoin has recently broken through a period of downtrending with strength. Various chart indicators and market variables suggest that Bitcoin is on the verge of a significant move.

The March 26 trading session began cautiously, with Bitcoin showing little movement following the previous session’s drop and recovery. At 02:00 UTC, a death cross on the MACD signaled further correction. At 03:55 UTC, a golden cross formed, coinciding with an RSI oversold condition, resulting in an initial cautious rally towards resistance. The key resistance and support levels stand at $88,250 and $86,500, respectively.

By 08:10 UTC, bearish momentum accelerated as the MACD formed another death cross, coinciding with an RSI overbought signal, pushing BTC into a downtrend channel. Bulls attempted to regain control, but further bearish pressure emerged, forcing prices to test support. At 18:35 UTC, there was a breakout below support, following another death cross on the MACD. At 19:35 UTC, BTC made a low of $85,920, leading to aggressive buying when a golden cross appeared, along with an oversold RSI. This rapid recovery brought BTC back above support, and as the new trading day started on March 27, BTC continued its upward push, hovering around $87,500 and aiming to break resistance.

Bitcoin’s recent price movements reflect a tug-of-war between bullish accumulation by whale wallets and technical resistance. On-chain data indicates that Bitcoin whales are accumulating the digital asset, with 48 new wallets holding at least 100 BTC, showing significant investor confidence. Additionally, dormant wallets have resumed buying, suggesting longer-term accumulation strategies. Technical indicators, however, show mixed signals. The last two sessions generated multiple death crosses on the MACD, forcing BTC into a downtrend. Aggressive buying pressure at $85,920 marked the end of the downturn, triggered by an RSI oversold signal and a golden cross. This swift turnaround brought BTC back above the support level of $86,500, with resistance now at $88,250.

Bitcoin's ability to break through resistance will determine its short-term direction. Another rejection at resistance could reignite instability and keep traders on edge. The BTC price prediction suggests that traders should monitor confirmation from signals like MACD and RSI to determine the next course of action.