Dormant Bitcoin Whale Buys $26M in BTC, Fuels Market Optimism and Technical Analysis Watch
A dormant Bitcoin whale has resurfaced after two years, acquiring an additional 250 BTC worth approximately $26.37 million, building upon a previous 500 BTC purchase when Bitcoin traded at $27,400. Now holding 750 BTC with a weighted average cost of $53,426, the whale enjoys over $39 million in unrealized profits as Bitcoin price approaches $105,940. This substantial accumulation has drawn attention from crypto traders, suggesting potential renewed institutional interest or impending market shifts. Technical analysis indicates Bitcoin’s current inverse cup-and-handle pattern, with key support near $100,800—failure to hold this level could drive prices down to $91,000. Meanwhile, Bitcoin’s RSI sits at 52, reflecting a decline in bullish momentum. Last week, Bitcoin briefly fell below $101,000, triggering close to $1 billion in futures liquidations before rebounding. Analysts are closely monitoring large wallet movements, as significant whale activity often influences broader trader sentiment and can precede major price action in the cryptocurrency market.
Neutral
The large-scale accumulation by a previously dormant Bitcoin whale highlights increased confidence in Bitcoin’s long-term prospects and injects optimism into the crypto market. However, technical analysis reveals weakening bullish momentum, as indicated by the RSI at 52 and the formation of an inverse cup-and-handle pattern with a key support level at $100,800. Recent market volatility—including significant futures liquidations after Bitcoin’s dip below $101,000—suggests a period of uncertainty. While whale activity often fuels positive sentiment and hints at possible price rallies, the mixed technical indicators and notable risks of further downside leave the immediate market impact neutral. Traders should closely monitor whale movements and support levels for clearer trend direction.