Bitcoin Whales Accumulate 53,600 BTC, Now Control 68% of Supply
The Bitcoin market has experienced high volatility in April, with gains and losses balancing out over three weeks. Bitcoin whales are increasing their holdings, likely anticipating future price increases.
Bitcoin Whales Add 53,600 BTC, Now Hold 68% Of Supply
According to an X post by Santiment, major Bitcoin stakeholders have accumulated 53,600 BTC since March 22, now controlling 67.77% of the circulating supply. This accumulation occurred during a period of significant price fluctuations.
Key points include:
- BTC dropped 13% in early April, testing the $74,000 support level twice before rebounding to $88,000 on April 15.
- Currently, it is consolidating within a range of $83,000 to $86,000.
- The whale accumulation indicates growing market confidence despite ongoing price uncertainty.
What Next For Bitcoin?
Since reaching a peak of around $109,000 on January 20, Bitcoin has faced downward pressure due to macroeconomic factors and new tariff policies, falling as low as $74,000 in early April. A rebound followed the announcement of a 90-day tariff pause.
Current analysis suggests:
- For a bullish trend to develop, Bitcoin must surpass the $91,000 resistance level.
- A successful break could lead to a return to its all-time highs.
- As of now, Bitcoin trades at $85,226, reflecting a 0.72% gain in the past day.
