Bitcoin Whales Go on Accumulation Spree as BTC Price Reaches ‘Make-or-Break’ Point

Bitcoin has experienced an evident price revival over the past week or so, mostly driven by the positive developments on the US-Iran war front.

Although it was stopped at the local peak at $76,000, it remains close to $75,000, which is a major “make-or-break” level, according to popular analyst Ali Martinez.

Testing the 100 SMA

The analyst with 165,000 followers on X noted that bitcoin is now testing the 100-day simple moving average as resistance for the third time in the last six months. The previous two occasions were highly unsuccessful, as each rejection led to a massive correction of 30% and 39%, respectively.

Martinez warned that if bitcoin fails to overcome this level decisively this time, it “would be a major structural failure.” He added that triggering a triple top effect could send BTC south to the February low at $60,000.

On the upside, if it manages to reclaim that crucial resistance, its path to $80,000-$84,000 will be open, which would confirm the “macro correction might be over.”

Fellow analyst CW noted that Bitfinex whales have decreased their long positions, suggesting that they are “taking profit.” Interestingly, the market observer said this is bullish for BTC, claiming that this means “the rally for BTC is going to continue.”

In a separate post, CW explained that there are “almost no short positions on BTC,” while the increase in high-leverage long positions is “also not significant.” According to the analyst, this creates a “very ideal situation.”

Whales Are Buying Spot

While whales operating on Bitfinex have reduced their long futures positions, those buying spot have gone in the opposite direction. Additional data from Ali Martinez shows that these large market participants have bought 10,000 BTC in the past 96 hours alone.

From a USD perspective, this stash is worth approximately $750 million given the asset’s current price. Such substantial acquisitions could have a two-fold impact on the underlying asset: on one hand, they directly reduce the immediate selling pressure; on the other, they could serve as an example to smaller investors who tend to copy the so-called ‘smart money.’

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