Bitcoin Bulls Buy Dip, Whale Accumulates $344M

Bitcoin (BTC) experienced a significant drop on Feb. 28, falling close to $78,000, but bulls quickly stepped in to buy the dip. CryptoQuant CEO Ki Young Ju suggested that selling after a 30% correction could be a mistake, as Bitcoin has historically risen to new all-time highs after such corrections. Meanwhile, a Bitcoin whale known as "Spoofy" bought 4,000 BTC worth around $344 million during the dip, indicating that some whales are accumulating at lower prices.

Standard Chartered's head of digital assets research, Geoffrey Kendrick, maintained a bullish outlook on Bitcoin, predicting that it could reach $200,000 this year and surge to $500,000 before the end of President Trump's second term. As the market awaits a potential recovery, let's analyze the charts of the top 10 cryptocurrencies to find out if altcoins could follow Bitcoin's lead.

Bitcoin price analysis:

Bitcoin closed below the $85,000 support on Feb. 26, and bears successfully defended the level on Feb. 27. Sellers tried to push the price down to $73,777, but bulls bought the dip at $78,258 on Feb. 28. If buyers can push the price back above the $85,000 to $90,000 resistance zone, it could suggest that a short-term bottom is in place. However, if the price turns down sharply from the overhead resistance zone, it may indicate selling on every minor rally, potentially leading to a drop to the vital support at $73,777.

Ether price analysis:

Ether (ETH) rebounded off the $2,111 support, indicating that bulls are trying to keep the price within the large range. The bulls will attempt to stretch the recovery to the 20-day EMA ($2,611) and then to the downtrend line. Sellers are expected to aggressively defend the downtrend line, and if the price turns down from the overhead resistance, the ETH/USDT pair could retest the $2,111 level. If this support cracks, the pair