Bitcoin experienced a significant price drop, falling below its ascending channel pattern, reaching $81,222 on March 31. Despite this decline, the top cryptocurrency is projected to have its worst quarterly return since 2018. However, a group of whale entities holding between 1,000 to 10,000 BTC is showing signs of accumulation, reminiscent of patterns observed during the 2020 bull run. On-chain analyst Mignolet noted that these market-leading whales are resilient to volatility and are accumulating BTC even amidst bearish sentiment from retail investors. During the current market phase, whale accumulation has occurred three times, typically during periods of negative sentiment, suggesting that these whales are positioning for a future recovery. Mignolet observed that, although BTC prices have fallen, there aren’t any signs indicating that these whales are selling off their holdings. As the week began, Bitcoin attempted to close a CME futures gap that emerged over the weekend. This gap represents the disparity between the closing price of BTC futures on Friday and the opening price on Sunday evening. The price action suggests a bullish outlook as Bitcoin aims to reclaim the crucial $84,000 level, which is needed to sustain bullish momentum. Achieving this level could lead BTC towards the supply zone between $86,700 and $88,700. Conversely, if BTC remains below $84,000, it could face further corrections, potentially testing lower support areas between $78,200 and $76,560. Upcoming US economic events, such as job openings data, new tariffs, and employment statistics, may also influence Bitcoin's price this week. *Note: This article does not provide investment advice. Always conduct thorough research before making any investment decisions.*
Bitcoin experienced a notable price drop, falling below its ascending channel pattern and reaching $81,222 on March 31. Despite this decline, the cryptocurrency is on track for its worst quarterly return since 2018. However, a group of whale entities holding between 1,000 to 10,000 BTC are demonstrating signs of accumulation, reminiscent of bullish patterns observed during the 2020 bull run. On-chain analyst Mignolet noted that these market-leading whales are resilient to volatility and continue to accumulate BTC despite bearish sentiment from retail investors.
During the current market phase, whale accumulation has been noted three times, typically coinciding with periods of negative sentiment, indicating that these whales may be positioning themselves for a future market recovery. Mignolet indicated that, although BTC prices have fallen, there are no signs suggesting that these whales are offloading their holdings.
As the week began, Bitcoin attempted to close a CME futures gap that formed over the weekend, which represents the difference between the closing price of BTC futures on Friday and the opening price on Sunday evening. The price action indicates a bullish outlook as Bitcoin seeks to reclaim the important $84,000 level, necessary for maintaining bullish momentum. Successfully reaching this level could push BTC towards the supply zone between $86,700 and $88,700. Conversely, if BTC remains below $84,000, it could face further corrections, potentially testing support levels between $78,200 and $76,560.
In addition, several upcoming US economic events, such as job openings data, new tariffs, and employment statistics, could impact Bitcoin's price direction this week.
*Note: This article does not provide investment advice. Always conduct thorough research before making any investment decisions.*