Bitcoin Price Stuck in Limbo as Whales Accumulate 41K BTC
Bitcoin's price has been hovering around $83,300 as large Bitcoin holders continue to accumulate more coins. According to data from Santiment, wallets holding between 10 and 10,000 BTC have added 41,025 BTC in just 10 days, bringing their collective holdings to 13.64 million BTC or 67.93% of the total supply.
This accumulation comes while Bitcoin remains below the $84,000-$85,000 supply cluster, leaving the market with stronger on-chain accumulation but no confirmed upside breakout. The current price range is between $82K and $85K, with the first area bulls need to defend being around $82,000-$82,800.
Crypto analyst Ali Martinez has mapped out a conditional bullish scenario based on a double-bottom pattern, which could potentially lead to a move towards the $100,000 target. However, this requires Bitcoin to hold above the $82,000 neckline as support.