Whale buying ramped up as Bitcoin struggled below $80K

While the sale of panic saw the Bitcoin price assessment below $ 80,000, the whales seeking to take advantage of the potential opportunity aggressively accumulated more than 65,000 BTC.

March 11, like Bitcoin (BTC) Fighted near the $ 80,000 mark, the details of the chain data and analysis platform, shared details, showing that the big holders, nicknamed whales, were busy buying cheap during the last month.

The data on the cryptocurrency chain indicate that in spite of the sales pressure which leaves small holders in wreck mode, the Bitcoin whales used the decline of 16% in the last 30 days to accumulate more than 65,000 BTC.

“Although this does not mean the immediate effects on the short -term price, it already demonstrates absorption by large participants, excluding minors and exchanges,” noted Cauê Oliveira, research manager and chain analyst at Blocktrends.

A continuation of this accumulation model in the coming weeks will signal demand for the rise in major holders. Whale purchases have often pointed out a bullish perspective, and in a recent past, it reflects the accumulation seen before the bull cycle in November and December.

However, lower action may not yet be over. Bitcoin minors are increasingly subject to sales pressure as the BTC drops.

After reaching a summit of $ 109,000, Bitcoin had trouble with downward pressure. The main rebounds have stalled in supply recharging areas, including the psychological level of $ 100,000. This weakness transformed minors into “forced sellers“, Adding to the downward trajectory.

With markets react negatively to prices And other developments, according to analysts, Bitcoin could drop more. In particular, Bitcoin retests the support levels of less than $ 78,000, with a bloodbath probably if it returns lower to reach $ 75,000.

Arthur Hayes, co-founder and former director general of Bitmex, suggested that the flagship cryptocurrency could review the $ 70,000 area. This would represent a correction of 36% of the top of all time of Bitcoin, he noted.

Nevertheless, Hayes remains optimistic in the long term, considering discharge as a chance to accumulate more. But investors may have to remain patient.

“Traders will try to buy the decline, if you are more opposed to the risk, wait for central banks to relax, then deploy more capital. You might not catch the bottom, but you will also not have to suffer mentally through a long period of losses on the side and the unrealized potential losses ”, Hayes poster on X.

At 11:40 am Eastern time on March 11, Bitcoin exchanged $ 81,220, slightly recovered from its lower intraday of $ 76,780.