Bitcoin is back in the game. After a tough week and touching a low of $76K it now hovering at $84K showcasing a strong rebound. However, technical still gives mixed signals while analysts suggest whales are accumulating BTC and investors might see a bullish move in upcoming days.
Famous crypto analyst Ali Martinez shared in his latest X post that 37,000 Bitcoins have been withdrawn from exchanges in the past 24 hours. This is a strong signal of accumulation as bulls might be stepping in Bitcoin.
In another X post, Ali mentioned that Binance is witnessing a big spike in buying pressure for Bitcoin. Moreover, Michael Saylor also hints about the return of BTC buying in his X post.
Currently, most analysts are bullish on Bitcoin as whales are accumulating Bitcoin very aggressively. Additionally, the CMC Fear and Greed Index has risen to 32, up from last week’s score of 27 (indicating fear). This shift suggests that investors’ sentiments are becoming more positive.
Despite Whales’ Accumulation Technical Data Shows Neutrality
On the daily technical chart, Bitcoin is currently at a neutral position trading close to 50-day ($85,563) and 200-day ($85,044) EMA levels. At the time of writing, it was trading at $84,201.
Currently the market is at a crossroads where most of the indicators such as RSI, MACD and more are suggesting neutrality. Now, if Bitcoin price breaks above the 50-day and 200-day EMAs investors may witness a fresh bullish rally towards $90k.
BTC has a strong support of $81,500 and $82,000 and facing strong resistance at $85,500. However, analysts’ forecasts indicate that whales are buying BTC aggressively, suggesting that investors may soon witness a breakout above $85,500.
Also Read: 2008 Made Bitcoin—2025 Will Kill It, Says Peter Schiff
