Major bitcoin whales have accumulated approximately $670 million worth of BTC over the past three days amid stable prices, according to on-chain data. Increased buying pressure on exchanges suggests potential short-term gains, but analysts warn that overcoming a key resistance level is crucial. A broader cyclical analysis indicates the cryptocurrency may have entered a historically turbulent phase, with past similar patterns preceding significant declines.
Large bitcoin holders known as whales have significantly increased their holdings recently. On-chain data shows they accumulated around 10,000 BTC, worth approximately $670 million at current prices, in the past 72 hours.
This substantial buying reduces immediate selling pressure and can influence retail investor behavior. Additional data indicates spot buying on the largest crypto exchange has also intensified recently.
However, not all analysts share a bullish outlook for the immediate future. Analyst Crypto Tony stated that BTC must break above the $69,000 resistance level to change its current trend of charting lower highs and lows.
A macro perspective suggests a more concerning cyclical shift may be underway. Analyst Merlijn The Trader warned that “the last bitcoin summer of the cycle is behind us.”
His analysis compares current patterns to previous cycles where similar sequences led to major declines. Following an all-time high of over $126,000 in October, BTC has already fallen around 52% to a February bottom near $60,000.
The historical precedent suggests more declines could follow if the pattern holds. Past cycles in 2017 and 2021 saw drops of 83% and 77% respectively after entering similar red zones.
