Bitcoin Whales Stack $750M in Fresh Buys as Price Hovers Near $75,000
Bitcoin whales have been actively buying up coins in recent days, scooping up 10,000 BTC worth approximately $750 million over a four-day period.
The large holders' purchases have eased sell pressure and may be nudging smaller traders to follow their lead. However, analysts warn that the current price of around $75,000 is a critical technical level for Bitcoin, with the asset testing its 100-day simple moving average as resistance for the third time in six months.
According to analyst Ali Martinez, who has 165,000 followers on X, a clean break above this level would confirm that the 'macro correction might be over' and open up a path towards $80,000 to $84,000. However, failure to overcome this resistance could drag the price down towards the February low near $60,000 through a triple-top pattern.
Notably, Martinez has previously seen two rejections at this level trigger corrections of 30% and 39%. A third failure would be a major structural failure, he warns.