Bitcoin whale ‘took advantage’ of $90,000 BTC price drop to raise $1.5 billion.

Bitcoin rebounded 6.25% from a local low of $90,742 on November 29 to above $96,000. On-chain data shows whales have “taken advantage” of discounted prices this week.

Bitcoin whale earns $1.5 billion more as BTC price falls

Bitcoin (BTC) price has shown signs of recovery, holding above $95,000 following a recent correction, according to data from Cointelegraph Markets Pro and TradingView.

Market participants have observed the whale’s deliberate posture, and analysis suggests it may have played a significant role in the recent BTC price recovery.

relevant: Did you buy dip? 3 signs the $90,000 Bitcoin price is at a local low

“Bitcoin whales took advantage of the cryptocurrency market correction earlier this week to accumulate 16,000 BTC,” CryptoQuant contributing analyst Caueconomy wrote.

Caueconomy said in a Nov. 29 post on

Nonetheless, “this spot buying volume is not yet sufficient to show a broader buying pattern that remains concentrated among institutional players,” the analyst noted.

That means other investors, including day traders and retailers, will have to join the fight to push the price above $100,000.

“Achieving the new ATH will require greater spot purchases between retailers and institutions.”

Whale accumulation to send BTC to $100,000?

Last October, Cointelegraph reported similar activity when Bitcoin whale holdings reached an all-time high of 670,000 BTC. This was before Bitcoin rose from the $60,000 level to its current high of less than $100,000.

If history repeats itself, Bitcoin price could surpass the psychological barrier of $100,000 due to whale accumulation.

According to data from IntoTheBlock, BTC’s price is at $95,672, providing strong support on the downside compared to the resistance it faces during the recovery.

The Money Around Price (IOMAP) chart below shows that immediate support lies within the $92,777 to $95,634 price range. Here, about 490,570 wallets won about 441,250 BTC.

From a technical perspective, Bitcoin made an immediate recovery above $95,000 after showing a V pattern at a local low of $90,742.

As Cointelegraph reported, the most logical scenario for BTC would be a retest of the $100,000 resistance level. But first we need a daily candle close above the overhead resistance of $96,400.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.