Whale Buying Surges as Bitcoin Struggles Below $85K
As the widespread sell-off pushed Bitcoin below $85,000, large investors continued to accumulate in hopes of capitalizing on a potential opportunity in the market. Over 70,000 BTC were purchased by large holders, despite recent volatility.
Bitcoin struggles below $85,000, on-chain data platform Glassnode shared information showing that large holders, also known as whales, have been buying at low prices over the past month.
According to Glassnode data, Bitcoin whales have been aggressively buying after BTC corrected 14% in the last 30 days. This amount has surpassed 70,000 BTC, indicating a large accumulation of interest from large market participants, excluding miners and exchanges.
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Massive Absorption from Major Investors
Cauê Oliveira, an analyst at BlockTrends, said that while the move may not have an immediate impact on short-term prices, it is a sign of absorption from large participants and signals increased demand from whales. Whale buying is often seen as a sign of future bullish trends, similar to accumulations before the bull run late last year.
However, analysts warn that selling pressure from miners could continue to put downward pressure on Bitcoin prices. After reaching an all-time high of $115,000, Bitcoin has faced several failed rallies, especially at key supply zones like the $100,000 level.
Selling Pressure from Miners
Miners are feeling more and more pressure as mining costs rise and BTC prices continue to fall. This has led many miners to become “forced sellers,” adding to the pressure on the market.
Some analysts believe that if Bitcoin fails to hold support below $83,000, a major sell-off could push prices to $80,000 and even lower.
Analysis: Where is Bitcoin’s Next Bottom?
Arthur Hayes, co-founder of BitMEX, believes that Bitcoin could fall to the $77,000 region, marking a 33% correction from its peak. However, he remains bullish on the long term, seeing this as an opportunity to accumulate more, but cautions that investors should be cautious with risks.
“Traders will try to buy the dip, but if you are risk averse, wait for central bank signals before adding more capital. This will help you avoid potential risks,” Hayes wrote on X.
At 12:00 p.m. ET on March 10, Bitcoin was trading at $84,500, recovering slightly from its intraday low of $82,300.
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