Bitcoin Whales Accumulation similar to 2020 after the price bounced up from $81,000

The price of Bitcoin dropped below the ascending channel pattern over the past weekend, falling to $81,222 on March 31. This leading cryptocurrency is on track to record its worst quarterly profit since 2018, but a group of whales is recreating the signals of the bullish run from the 2020 period.

Bitcoin Price Chart 1 Day | Source: TradingViewIn a recent post, on-chain analyst Mignolet explained that whale addresses holding between 1,000 to 10,000 BTC exhibit a high correlation with Bitcoin prices. These entities tend to recover before market fluctuations and show accumulation behavior, reflecting the patterns of the 2020 bull cycle.

Analysis of Bitcoin whale accumulation situation | Source: CryptoQuantIn the current bull market, this pattern has appeared three times and is marked by the rapid accumulation of BTC by Bitcoin whales, even as retail investors are skeptical about the positive trend.

These stages are rife with bearish market sentiment and were preceded by significant price increases, indicating that whales are positioning themselves ahead of a recovery.

While BTC is currently on a downward trend, analysts note:

"There are currently no signs that the leading market whales are exiting."

As shown in the chart above, "Model 3" experienced a similar accumulation rate, but the BTC price remained flat.

Can Bitcoin flip the $84,000 level after the CME gap?

When the New York session started on March 31, BTC rose in price to close the gap of the CME futures contract formed over the weekend. The CME gap is the difference between the closing price of the Bitcoin CME futures on Friday and the opening price on Sunday evening.

Analysis of Bitcoin CME gaps | Source: TradingViewAlthough Bitcoin started this week with a bullish trend, some events in the United States may impact the price including:

– On April 1, JOLTS Job Openings ( report on the number of job openings published monthly by the U.S. Bureau of Labor Statistics (BLS): A figure reflecting labor market demand, therefore a decline could signal weakness.

– On April 2, the United States imposed tariffs: a tax rate of 20% and higher will apply to a maximum of 25 countries.

– On April 4, the Non-Farm Payroll )NFP(, the unemployment rate will be announced and a speech by Federal Reserve Chairman Jerome Powell.

! [])https://img.gateio.im/social/moments-e34f7b641c2334b0990e99463c2ddac5(Bitcoin Price Chart 4 Hours | Source: TradingViewBTC's immediate point of interest is to flip the $84,000 level into support to continue the price increase. A repossession of the $84,000 level could push BTC price above the 50-day exponential moving average, which will propel a short-term rally to the supply zone between $86,700 and $88,700.

Conversely, a consolidation below $84,000 will reinforce resistance characteristics, which may ultimately lead to further corrections towards the declining liquidity zones in the $78,200 to $76,560 range.

Disclaimer*: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions*

• US Senator Pushes Bitcoin Act – Calls for 'Buy Now, Buy Immediately'
• Larry Fink: Bitcoin could replace the US dollar as the global currency amid rising US debt.
• Does Ethereum's NFT advantage have enough strength to surpass Bitcoin by 2025?

Minh Anh

@media only screen and )min-width: 0px( and )min-height: 0px( { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width:320px; height: 100px; } } @media only screen and )min-width: 728px( and )min-height: 0px( { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width: 728px; height: 90px; } }