Bitcoin fell to a three -month low, nearly $ 86,000 on February 25, and data hints fell further, while BTC WHALES was accumulated.
After a few weeks of defending the long -term market structure, the BTC (BTC) was finally broken and could continue for the next few weeks.
Bitcoin 1 day chart. Source: COINTELEGRAPH/TradingView
Bitcoin Whale moves $ 2.3 billion in BTC
AXEL Adler JR, a researcher at Bitcoin, said that encryption assets are currently down about 10% per share, and BTC’s largest quarterly stars to 20% since August 2024. Last year.
Bitcoin price shortcomings analysis. Source: cryptoquant
The rapid correction also affected the short -term holder (STH), and the address occurred as an address with a BTC with 27,500 BTC less than 155 days in the last 24 hours.
On the other hand, the Bitcoin whale address seems to be moving. According to Cryptoquant’s data, on February 24, 26,430 BTCs were deposited in the whale accumulation address, which is generally associated with “OTC transactions and long -term custody”.
The strategy is worth noting that the strategy reported 20,356 BTC purchases for $ 1999.9 billion at the beginning of the week.
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Bitcoin can pop out between $ 85,000 and $ 81,000.
Bitcoin’s Daily Candle closed less than $ 92,000 on February 24 and confirmed the double top pattern that had existed for several months. If a sharp weak response occurs immediately after the pattern is completed, the technical point is estimated to be $ 78,000- $ 76,000 at 16%on the neckline.
Bitcoin 1 day chart. Source: COINTELEGRAPH/TradingView
As you can see in the chart below, on November 11, 2024, the difference in fair value between $ 81,700 to $ 85,100 was formed, and this liquidity gap was not filled, and Bitcoin eventually found the bidder in this area.
The anonymous password trader, CRG, emphasized a large spot bid cluster for Binance from about $ 84,000 to $ 86,000, adding to the combination of fair value.
Bitcoin Spot bid Cluster. Source: x.com
It is important to observe the response of Bitcoin in this area where potentially dead cat bounce may occur.
If Bitcoin does not respect the level of $ 81,000, the final support is between $ 77,000 and $ 80,000. If you drop to $ 77,000, you will have the expected price target of the double top pattern.
Related: Bitcoin enters the ‘Technology Bear Market’ as the BTC price decreases by 20% from the highest ever.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.