Bitcoin Surges 24% Above $83,000 as Whales Accumulate $3.6 Billion

Bitcoin has recently shown signs of recovery, surging above $83,000 after a brief decline. This resurgence coincides with a 90-day pause on tariffs announced by the President, which has helped to alleviate some global economic concerns. Despite being approximately 24% below its all-time high of over $109,000 in January, the weekly losses have decreased to single digits, fostering a renewed sense of optimism. This optimism is further bolstered by the re-entry of major players into the market.

On April 9, a significant event occurred as BTC accumulation wallets, typically associated with long-term holders who rarely sell, acquired nearly 48,575 BTC in a single day, valued at around $3.6 billion. This represents the largest inflow into these types of wallets since February 2022. According to CryptoQuant analysts, these addresses tend to accumulate during market pullbacks, similar to when Bitcoin dropped to around $76K the previous week. The timing and magnitude of this move suggest that experienced investors view this dip as a buying opportunity rather than a warning sign.

In addition to accumulation wallets, Bitcoin Whale addresses, which hold substantial amounts of BTC, have added over 100,000 BTC since March. This accumulation is occurring while the broader market experiences a cooling-off period. On-chain activity has decreased, and retail traders appear cautious, but the whales are clearly adopting a long-term strategy. They are using this quieter phase to average in and reduce their cost basis. While this may not result in an immediate price surge, it is often a precursor to significant market movements.

Analyzing the BTC price action on April 12th, 2025, reveals a strong upward momentum early on, forming a well-defined uptrend channel on the 5-minute chart. The price climbed steadily with higher highs and higher lows before breaking out of the channel near a key resistance level. However, as it approached the resistance zone at $84,000, bullish momentum began to wane, leading to sideways consolidation. This indicates potential buyer exhaustion at current levels. The RSI frequently entered overbought territory during the climb, confirming intense buying pressure but also signaling the likelihood of short-term pullbacks. Multiple overbought RSI readings coincided with local tops, while oversold dips provided temporary support for rebounds.

The MACD indicator presented mixed signals, with alternating golden and death crosses throughout the chart. Notably, a series of golden crosses occurred during the uptrend, aligning with bullish price action, while death crosses began to appear more frequently as BTC prices approached resistance. This divergence between price movement and weakening MACD momentum suggests declining bullish strength. The strong support zone near $81,500 remains intact, and any significant retracement could retest this level. A drop below this support might trigger further selling pressure.

In conclusion, the Bitcoin bounce above $83K has sparked optimism, especially with whales accumulating billions worth of BTC in a single day. This quiet accumulation demonstrates confidence behind the scenes. However, the charts indicate that the rally may be losing steam, with BTC prices struggling to push past $84K. Indicators like RSI and MACD suggest that the rally might be running low on momentum. As long as support around $81,500 holds, the trend remains intact. But if that support breaks, a deeper pullback could occur. Whales may be loading up, but the broader market is waiting to see what happens next.