Bitcoin whale ‘takes advantage’ of $90k BTC price plunge, making $1.5 billion

Bitcoin rallied 6.25% from a local low of $90,742 to $96,000 this week, with whales “taking advantage” of the drop this week, according to onchain data.

Bitcoin whales add $1.5B more on BTC price plunge.

Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin (BTC) price recovery was taking shape above $95,000 after the recent correction.

Market participants have seen deliberate whale postings, with analysis playing a major role in the recent BTC price recovery.

Related: Did Dip Buy It? 3 signs $90K Bitcoin price was the bottom of the area

Earlier this week, the crypto market correction of Bitcoin whales accumulated 16,000 BTC, writes CryptoQuant contributing analyst Caueconomy.

In a post on November 29 X, Caueconomy said that most of the $1.5 billion in Bitcoin was collected after almost $4 billion in BTC was sent to short-term holders in loss-making exchanges.

However, “this volume of position buying is not yet sufficient to reflect a widespread buying pattern among institutional players,” the analyst said.

In other words, other investors such as day traders and retailers must join the effort to push the price above $100,000.

We need a large amount of buying between retail and institutions to get a new ATH.

Well stock to send BTC to $100K?

In October, Cointelegraph reported a similar move when Bitcoin Well holdings reached a peak of 670,000 BTC. This preceded Bitcoin's rise from the $60,000 levels to its current all-time high below $100,000.

If history repeats itself, Bitcoin's price should benefit from whale stocks to push past the $100,000 psychological barrier.

At $95,672, the price of BTC is sitting on strong support, compared to the resistance it faces on the recovery path, according to IntoTheBlock.

The inflow/outflow of funds around the price (IOMAP) below shows that immediate support sits in the $92,777 to $95,634 price range, with 490,570 wallets holding 441,250 BTC.

From a technical perspective, Bitcoin immediately recovered above $95,000 after showing a V-pattern from the area low at $90,742.

As reported by Cointelegraph, the most logical scenario for BTC is a retest of the $100,000 resistance level. But first, a daily candle is needed to close above the resistance above $96,400.

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