On Tuesday, March 25th, the Bitcoin price showed a slight uptick of 0.75% to reach its current trading value of $87,776. The renewed recovery is on the verge of challenging the resistance trend of the current correction trend, signaling the potential rally to a new all-time high. The latest onchain data shows large-scale holders are returning to the BTC market, strengthening the momentum behind the recovery.
Key Highlights:
- A billionaire whale bought 3,238 BTC ($284M) from Binance at an average of $87.8K.
- The Bitcoin price is 2% short from the challenge of the key resistance of the falling wedge pattern which is driving the current 60-day correction.
- The current price recovery backed by diminishing volume hints potential for a bearish reversal.
Billionaire Whale Accumulates 3,238 BTC Worth $284M from Binance
In the last two weeks, the Bitcoin price bounced $76,600 to the current trading price of $88,060, registering a 15% surge. This upside followed a broader market uptick as tariff tension from the United States eased and whales showed renewed interest.
According to Spot On Chain, a Bitcoin whale withdrew 3,238 BTC ($284 million) from Binance yesterday in the past 17 hours, with an average purchase price of $87.8K per BTC,
This accumulation marks a renewed buying spree by the whale, who had previously offloaded 12,287 BTC ($1.16 billion) at an average price of $94.3K back in February. The whale resumed accumulating around five days ago when Bitcoin was trading near $84.6K, indicating a strategic re-entry into the market.
Currently, the whale holds 15,986 BTC, valued at approximately $1.39 billion.
The recent upswing in Bitcoin price coinciding with whale accumulation hints higher potential for a prolonged uptrend ahead.
This Bitcoin Price Breakout Hints Rally Past $109,500
Bitcoin price analysis of daily time frame charts shows a V-shaped recovery within the formation of a falling wedge pattern. The chart setup drives two covering trendlines which typically show a temporary downtrend before a major breakout.
Currently trading at $87,817, the BTC price is poised to challenge the 50-day EMA slope and a downsloping trendline. In the last seven weeks, the coin price has shown several failed attempts to breach these resistances and each reversal led to a notable downturn.
Thus, the potential retest is a pivotal moment for the asset to drive further price movement. An upside breakout with a daily candle closing will signal the end of a 60-day correction and set Bitcoin for a rally above the $109,500 high.
Conversely, if the resistance trendline stands strong a potential reversal could push the price below for another breakdown below $80,000.
Also Read: Bitwise Adds Fold Holdings and Bitdeer to Bitcoin Index
