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Bitcoin Whales Didn't Forgive the $60,000 Price: 40,000 BTC Purchase

Bitcoin (BTC) recovered 17 percent on Monday from below its 15-month low of $60,000, trading around $70,000, as whales capitalized on the discounted price.

Large investors bought the dip at $60,000, adding at least 40,000 BTC.

While buyers failed to push the price above $72,000, downside risks for Bitcoin remain.
Bitcoin Whales Accumulated 40,000 BTC During the Price Drop

Market participants observed the deliberate moves of whales, and analyses suggest they played a significant role in the recent BTC price recovery.

Whales amassed large amounts of Bitcoin, collecting approximately 40,000 BTC during the recent decline.

This reveals that addresses holding between 1,000 and 10,000 BTC added 22,000 BTC since Friday, while those holding between 10,000 and 100,000 BTC acquired approximately 18,000 BTC during the same period.
Following whale accumulation, Bitcoin recovered 20% from below $60,000, a 15-month low reached on Friday, to $72,000.

Bitcoin's recovery was supported by the addition of 4,225 BTC, worth $300 million, to the Users' Safe Asset Fund.

The safe asset fund BTC address now holds 10,455 BTC, worth $731 million, with approximately $239 million remaining to be converted.
Investors in US-based spot Bitcoin ETFs also bought the dip on Friday, injecting $331 million into these investment assets.

Whales failed to push the BTC price above $72,000.

In January, Bitcoin whales reported similar activity, accumulating 56,000 BTC after the price dropped to $84,000. This came before Bitcoin's price surged 16% to its year-to-date high of $96,000.

However, this wasn't enough to sustain the recovery, and the

BTCUSD pair fell by over 38% to $60,000.

A similar scenario may be unfolding in the short term after the price was rejected from the resistance line of the ascending triangle at $72,000.

The chart below shows that the price risks breaking below the lower trendline of the triangle, suggesting a potential continuation of the downtrend.
The first area of ​​interest is the $66,000-$68,000 support zone where the 200-week EMA is currently located.

However, while some analysts believe Bitcoin hasn't found a true bottom yet, Christopher said, "The lowest resistance path for Bitcoin right now is not new lows, but upward or sideways movement."

"We want to see the bottom level maintained over the next 2-3 weeks, with volumes decreasing on pullbacks."
The analyst was referring to the weekly support at $66,000, which he said BTC would likely retest in order for the price to rise again.

Bitcoin could find a “real bottom” around $50,000 in a repeat of the 2022 bear market.
‍$BTC