Source: Cointelegraph Original: "{title}"
Bitcoin's price fell below the ascending channel pattern over the weekend, dipping to $81,222 on March 31. Although this leading cryptocurrency may record its worst quarterly performance since 2018, a group of major whale entities is showing signs of accumulation reminiscent of the pre-bull market phase in 2020.
Bitcoin daily chart. Source: Cointelegraph/TradingView
On-chain analyst Mignolet noted in a recent commentary that "market-dominant" whale addresses holding between 1,000 to 10,000 BTC show a high correlation with Bitcoin's price. This analysis indicates that these entities not only exhibit strong resistance to market volatility but their continued accumulation behavior mirrors the accumulation patterns seen during the 2020 bull market cycle.
Bitcoin whale accumulation analysis. Source: CryptoQuant
In this bull market, this unique pattern has appeared three times: while retail investors remain skeptical about market direction, Bitcoin whales have been accelerating their accumulation. These periods have been accompanied by generally bearish market sentiment, but have subsequently led to significant price increases, indicating that whales are positioning themselves ahead of a recovery.
Despite the current downward trend in Bitcoin's price, analysts emphasize: "There are no signs that these market-dominant whales are exiting." As shown in the chart, during "Pattern 3," although the accumulation speed is similar, BTC's price has remained in a sideways consolidation.
Can Bitcoin fill the CME gap and break above $84,000?
After the New York trading session opened on March 31, BTC quickly surged to fill the CME futures gap formed over the weekend. This gap reflects the price difference between Friday's BTC futures closing price and Sunday evening's opening price.
Bitcoin CME gap analysis. Source: Cointelegraph/TradingView
Although Bitcoin has begun to show bullish momentum this week, some economic events in the U.S. may impact its price.
On April 1, JOLTS job openings: an indicator reflecting labor market demand; a decline may signal weakness.
On April 2, the U.S. introduced tariff measures: referred to as "Liberation Day," imposing tariffs of 20% or higher on up to 25 countries.
On April 4, non-farm payroll data (NFP), unemployment rate, and Federal Reserve Chairman Powell's speech.
Bitcoin's current key level is to convert $84,000 into a support level to sustain bullish continuation. If it successfully recovers this level, the price is expected to break above the 50-day exponential moving average (EMA), potentially driving a short-term rebound to the $86,700-$88,700 supply range.
Conversely, if it continues to consolidate below $84,000, that resistance level will be reinforced, potentially leading to a downward test of the liquidity support in the $78,200-$76,500 region.
Related: Michael Saylor's strategy to bottom out Bitcoin with $1.9 billion
This article does not constitute investment advice. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.
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